Markets

Here's what happened to the stock market on Tuesday

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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. 

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