Dow rises on optimism about economic recovery; meme stocks extend gain

US manufacturing sector picks up in May; AMC Entertainment shares jump; data analytics firm Cloudera soars on plans to go private

The S&P 500 and the Dow rose on Tuesday, with the benchmark S&P 500 within 0.5% of its record high as investors cheered signs of an improving economy ahead of a week packed with major data that is expected to shed more light on the path of inflation.
 

The two indexes are rising for the fourth straight session as investors bet on economically sensitive stocks benefiting the most from a post-COVID-19 recovery. The S&P 1500 airlines index added 2.7%.
 

The S&P energy index jumped 3.8% on a promising outlook for fuel demand, while financials and materials were up almost 1%