Stocks moved higher in intraday trading on Tuesday after manufacturing in the U.S. expanded at the fastest pace since late 2018 and topped economists' estimates.
The Institute for Supply Management said its manufacturing survey for August rose to 56 from 54.2 in July. Readings higher than 50 indicate factory activity is expanding.
U.S. stocks closed mostly lower Monday with the Dow falling 227 points or 0.8%, to 28,428, and the S&P 500 declining 0.2%. The Nasdaq rose 0.7% and closed at a record high.
Stocks have staged a remarkable recovery since the coronavirus pandemic was declared in March, led largely by tech shares and optimism over reopening the U.S. economy.
But Zoom posted fiscal quarterly earnings and sales that blew past Wall Street estimates, in turn sparking a flurry of analyst upgrades.
More: Zoom to the Moon?
The company not only topped estimates for its fiscal second-quarter but also raised its sales outlook as businesses and individuals alike continue to make Zoom a verb amid work-from-home edicts throughout the world, thanks to the coronavirus pandemic.
Jeff Marks, senior portfolio analyst with Action Alerts PLUS, weighed in on the markets and what Jim Cramer's investing club is targeting this week.
You can follow Katherine Ross on Twitter at @byKatherineRoss.