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Market Pulse: Dow closes up over 270 points and stock market rallies in February’s first session

U.S. stock benchmark closed higher Tuesday in Wall Street’s first trading session in February, following a rough January.

Investors were weighing manufacturing and jobs data, while earnings from Exxon Mobil and other corporate heavyweights were in the spotlight.

The Dow Jones Industrial Average DJIA, +0.78% rose 272, or 0.8%, to around 35,404, on a preliminary basis.
The S&P 500 index SPX, +0.69% advanced about 31 points, or 0.7%, to roughly 4,546.
The Nasdaq Composite Index COMP, +0.75% climbed 106 points, or 0.8%, to close at about 14,346.

In economic data, the Labor Department said job openings rose by 150,000 to 10.9 million on the last day of December, indicating the labor market remains tight. Economists surveyed by The Wall Street Journal had forecast a 10.5 million figure.

Meanwhile, The closely followed Institute for Supply Management barometer of manufacturing activity slipped to a 14-month low of 57.6% in January as a torrent of omicron cases hit the U.S. economy and shortages of labor and supplies hindered production. Economists had forecast a decline to 57.7% from 58.8% in December. Any number above 50% signifies growth.

In corporate news, shares of United Parcel Service Inc. UPS, +14.08%  surged 14% after the package delivery giant reported earnings and revenue well above expectations, while Exxon Mobil Corp. XOM, +6.41%  stock rose more than 7% after the energy giant reported an earnings beat, though revenue fell short of consensus.

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