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News Summary: Health insurers boost US stocks

The Associated Press

GOOD MEDICINE: Health insurance companies led U.S. stocks higher Tuesday, a day after the government released revised reimbursement rates for Medicare Advantage plans. The new numbers suggest that funding cuts will be less severe than analysts and companies had feared.

RECOVERY INTACT: The Dow Jones industrial average and Standard & Poor's 500 index closed at record highs after reports on auto sales and factory orders provided the latest evidence that the U.S. economy is strengthening.

CYPRUS SOOTHES: European markets closed sharply higher on the first trading day after a four-day holiday weekend. While they were closed, many traders feared that Cyprus' financial situation would worsen. But no bad news materialized.