Stocks rose on Tuesday, led by tech shares, as traders kicked off a historically tough month for the market on the right foot and built on Wall Street’s best August performance since the 1980s.
The Dow Jones Industrials vaulted 215.61 points to finish Tuesday at 28,645.66,
The S&P 500 soared 26.34 points to 3,526.65.
The NASDAQ Composite popped 164.21 points, or 1.4%, to 11,939.67.
Both the S&P 500 and NASDAQ hit all-time highs.
Apple led the gains in tech, rising 4%. The stock got a boost as several Wall Street analysts hiked their price targets on the tech giant. That gain came a day after the stock rose more than 3% following a stock split that appears to be causing investors to snap up the shares.
Walmart shares climbed more than 6% after the retailer announced it would launch its own membership program, Walmart+, later this month.
Shares of Zoom Video jumped 40.8% after reporting another blowout quarter. The video conferencing company’s revenue more than quadrupled in the fiscal second quarter compared to a year ago.
Tesla fell 4.7% after a regulatory filing revealed the company would sell up to $5 billion of its own stock.
The major averages also got a boost on Tuesday from better-than-expected manufacturing data. The final read on the August manufacturing Purchasing Managers’ Index came in at 56, a 19-month high, as new orders hit their highest level since 2004.
The Dow’s composition changed on Monday with Apple’s four-for-one stock split taking effect. Salesforce, Amgen and Honeywell replaced longtime components Exxon Mobil, Pfizer and Raytheon Technologies.
The S&P 500 and the Dow just wrapped up their best August in more than 30 years. The blue-chip average rallied 7.6% in August for its fifth positive month in a row and its biggest August gain since 1984. The S&P 500 also rose for a fifth month straight, up 7%, clinching its best August since 1986.
The tech-heavy NASDAQ jumped 9.6% in August, posting its best monthly performance since 2000.
Prices for the 10-Year Treasury were sharply higher, lowering yields to 0.67% from Monday’s 0.71%. Treasury prices and yields move in opposite directions.
Oil prices jumped 45 cents to $43.06 U.S. a barrel.
Gold prices faded two dollars to $1,976.60 U.S. an ounce.