Stocks hit record highs with good fiscal news


NEW YORK — Stocks roared to record highs Thursday, driven by good news on the economy.

The Standard & Poor’s 500, the Dow Jones industrial average, and the Russell 2000 index set all-time highs. The S&P broke through 1,700 points for the first time. The Nasdaq hit its highest level since 2000.

Overnight, a positive read on China’s manufacturing helped shore up Asian markets. An hour before U.S. trading started, the government reported the number of applicants for jobless benefits last week fell sharply. And at mid-morning, a trade group said U.S. factories revved up production last month.