Here's what happened to the stock market on Tuesday

J.P. Morgan's Kolanovic: Trump's odds are rising

Dow Jones Industrial Average rises 215 points

The Dow gained 215.61 points, or 0.8%, to close at 28,645.66. The S&P 500 climbed 0.8% to 3,526.65. The Nasdaq Composite advanced 1.4% to 11,939.67. Stocks kicked off a historically tough month on the right foot, building on the strong gains from August. The S&P 500 and the Nasdaq Composite both hit records again.

Manufacturing data tops estimates

The Institute for Supply Management said its manufacturing PMI came in at 56 for August, a 19-month high, as new orders hit their highest level since 2004. "As the economic recovery continues, I think you will see a broadening of the stocks participating in this rally," said one strategist.

Apple and Walmart jump, Tesla falls

Apple closed 4% higher after a slew of analysts hiked their price target on the stock. Walmart jumped 6% after the retailer announced it will launch a membership program later in September. Tesla slid 4% after the company said it will sell up to $5 billion in stock

What happens next?

Data on weekly mortgage applications and U.S. private payrolls are set for release Wednesday. 

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.