Tuesday Stock Market Update
The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite gained on Tuesday, according to CNBC.
- The Dow Jones Industrial Average gained 215.61 points, or 0.80 percent, to close at 28,645.66.
- The S&P 500 gained 0.80 percent to close at 3,526.65.
- The Nasdaq Composite gained 1.40 percent to close at 11,939.67.
September is a historically tough month for stocks, but this was a solid start. The S&P 500 and Nasdaq Composite both closed at record highs.
Manufacturing data was better than expected. The Institute for Supply Management stated that the manufacturing PMI was 56 in August, a 19-month high. “As the economic recovery continues, I think you will see a broadening of the stocks participating in this rally,” said one strategist.
Apple gained 4 percent after multiple analysts raised their price targets. Walmart surged 6 percent after announcing that its membership program will launch later this month. Tesla fell 4 percent.
On Wednesday keep an eye out for:
- Weekly mortgage application data.
- The release of US private payrolls.
- Dating app Bumble is preparing to IPO with a valuation between 6-8 billion.
- Hong Kong's richest man has an $11 billion stake in Zoom that represents 1/3 of his wealth.
- Crowdstrike and Copart are reporting earnings.
- EIA Crude Oil Stocks change.