Dow Jones Industrial Average Surges 168 Points Despite Manufacturing Data

How Did the Stock Market Do Today?

Dow Jones: 17,888.35; +168.43; +0.95%

S&P 500: 2,102.63; +22.22; +1.07%

Nasdaq: 5,156.31; +47.64; +0.93%

The Dow Jones Industrial Average today (Tuesday) gained more than 168 points despite news the U.S. manufacturing sector contracted in November to its lowest level since June 2009. This morning, the Institute for Supply Management (ISM) announced its monthly reading on national factory activity slipped to 48.6. It is the first time since November 2012 that the reading has fallen below 50, a level indicating a contraction in the domestic manufacturing sector. However, domestic construction spending hit an eight-year high. Traders are curious about whether this mixed data will weigh on the minds of U.S. Federal Reserve officials as they consider the possibility of the first interest rate hike since 2006.

Top Stock Market News Today

Stock Market News: All 10 S&P sectors were positive, with healthcare stocks leading the way. Shares of Valeant Pharmaceuticals International Inc. (NYSE:VRX) surged nearly 10%, while Pfizer Inc. (NYSE: PFE) was up more than 2.6%.

Oil in Focus: U.S. oil prices ticked upward as OPEC members prepare to discuss the ongoing supply glut and whether they will slash production any time soon or stand pat to protect market share. January WTI prices jumped 0.5% to hit $41.85 per barrel. Meanwhile, Brent oil crude – priced in London – slipped 0.4% to hit $44.44. High-volume stocks Exxon Mobil Corp. (NYSE:XOM) and Chevron Corp. (NYSE: CVX) added 0.3% and 1.3% on the day, respectively. Shares of Kinder Morgan Inc. (NYSE: KMI) fell another 4.9%. Here’s our take on whether OPEC will cut production in 2016.

On Tap Tomorrow: On Wednesday, investors will be keeping a close eye on the morning nonfarm payrolls report, released by Automated Data Processing. In addition, the markets will listen to speeches from three members of the Fed, including the central bank chairwoman Janet Yellen. Companies set to report quarterly earnings tomorrow include Avago Technologies Ltd. (Nasdaq:AVGO), PVH Corp. (NYSE: PVH), Aeropostale Inc. (NYSE: ARO), Synopsys Inc. (Nasdaq: SNPS), G-III Apparel Group Ltd. (Nasdaq: GIII), and Yingli Green Energy Holding Co. Ltd. (NYSE ADR: YGE).