Stocks rose on Tuesday, the first trading day of the month, as the market tried to build on its best August performance since the 1980s.
The Dow Jones Industrials recovered 89.38 points to move into lunch hour Tuesday at 28,519.43, and erased a loss of more than 100 points from earlier in the session.
The S&P 500 moved higher 12.27 points to 3,512.58.
The NASDAQ Composite popped 119.44 points, or 1%, to 11,894.89.
Apple led the gains in tech, rising 2.4%. 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 5% after the retailer announced it would launch its own membership program, Walmart+, later this month.
Shares of Zoom Video jumped more than 37% 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 0.6% 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 PMI came in at 56, a 19-month high, as new orders hit their highest level since 2004.
Along with tech, reopening stocks — cruise line operators, airlines and hotels — had a big August. Royal Caribbean and MGM Resorts both gained about 40%, while FedEx and Gap jumped 30% each. Delta Air Lines and Norwegian Cruise Line were also among the S&P 500 leaders in August. Many of those shares were down slightly in Tuesday premarket trading.
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 higher, lowering yields to 0.69% from Monday's 0.71%. Treasury prices and yields move in opposite directions.
Oil prices jumped 54 cents to $43.15 U.S. a barrel.
Gold prices advanced $1.80 to $1,980.40 U.S. an ounce.