By Joseph Adinolfi and Sara Sjolin, MarketWatch

S&P may soon hit 2,100, analyst says

U.S. stocks started December on an upbeat note Tuesday, rising as investors looked ahead to what many believe will be a crucial reading on the U.S. job market to be released later in the week.

The Dow Jones Industrial Average rose 76.57 points, or 0.4%, to 17,797.00, while the S&P 500 index added 10.23 points, or 0.5%, to 2,090.30. The Nasdaq Composite climbed 17.50 points, or 0.3%, to 5,126.

A day earlier, U.S. stocks posted modest monthly gains in November (http://www.marketwatch.com/story/wall-street-eyes-cautious-start-to-week-of-central-bank-watching-2015-11-30)

Optimism about Friday's employment report, and the widespread belief that the Fed intends to raise interest rates in December for the first time in nearly a decade, were the primary drivers of Tuesday's gains, said J.J. Kinahan, chief strategist at TD Ameritrade.

"There's no reason to sell things. The numbers that are coming out seem pretty good. Testing the 2,100 level [on the S&P 500] seems to be in the cards--I wouldn't be surprised if that happens today, or later this week," Kinahan said.

The report is widely considered the last major piece of data that could influence the Fed's decision about whether or not to lift rates.

Read: Fed may need 4% unemployment rate to hit inflation goal (http://www.marketwatch.com/story/fed-may-need-4-unemployment-rate-to-hit-inflation-goal-2015-11-30)

Data: The final manufacturing purchasing managers index for November came in at 52.8, slightly higher than its flash estimate of 52.6, which was the lowest in 25 months (http://www.marketwatch.com/story/flash-us-manufacturing-pmi-slumps-to-25-month-low-in-november-2015-11-23).

The Institute for Supply Management's index of manufacturing fell to 48.6% in November, from 50.1% in October (http://www.marketwatch.com/story/us-manufacturers-still-struggling-ism-finds-2015-11-02).

Construction spending rose 1% October is also due at 10 a.m., while U.S. auto sales posted modest monthly gains (http://www.marketwatch.com/story/us-nov-car-sales-buoyed-by-black-friday-deals-2015-12-01).

Fed speakers: Chicago Fed President Charles Evans will give a speech on the economy to the Lansing Regional Chamber of Commerce at Michigan State University at 12:45 p.m. Eastern.

At 8 p.m. Eastern, Fed Gov. Lael Brainard will talk about the "Lower Neutral Rate and its implications for Monetary Policy" at Stanford Institute for Economic Policy Research Associates Meeting in Stanford, Calif.

Movers and shakers: Shares of instruments and microwave-components maker Giga-Tronics Inc. (GIGA) more than doubled after the company announced a software-licensing deal with Lockheed Martin Corp.

Shares of Amazon.com(AMZN) edged 0.9% higher after the online retailer said the Black Friday period marked a record weekend for sales of its own devices (http://www.marketwatch.com/story/amazon-crushes-black-friday-weekend-with-record-sales-of-its-own-devices-2015-12-01).

Infoblox Inc.(BLOX) shares rose 19% after the network software company late Monday reported earnings that topped analyst expectations (http://www.marketwatch.com/story/infoblox-shares-rally-on-earnings-outlook-buyback-plan-2015-11-30).

Shares of HF Financial Corp.(HFFC) surged 20% on reports that Great Western Bancorp Inc.(GWB) intends to buy the company for $139.4 million.

Johnson Controls Inc.(JCI) was up 2.9% after it said it expects fiscal 2016 sales to rise 4% above (http://www.marketwatch.com/story/johnson-controls-sees-2016-sales-rising-above-expectations-2015-12-01) 2015 levels to $38.6 billion, which is above the FactSet consensus of $37.27 billion.

Other markets: Asian stock markets closed broadly higher (http://www.marketwatch.com/story/asian-shares-rise-on-hopes-for-stimulus-yuan-holds-steady-2015-12-01) after a flurry of weak PMIs lifted hopes for more monetary easing.

European equities (http://www.marketwatch.com/story/european-stocks-trim-gains-as-ecb-meeting-looms-2015-12-01) seesawed, with investors reluctant to take any major positions ahead of the ECB meeting on Thursday. Economists widely expect the central bank to extend its quantitative easing program and possibly move the deposit rate further into negative territory.

Crude oil advanced to briefly trade above $42 (http://www.marketwatch.com/story/oil-prices-rise-as-opec-meeting-draws-closer-2015-12-01) a barrel as the meeting of the Organization of the Petroleum Exporting Countries meeting this Friday in Vienna drew closer.

Gold also rose, while the dollar slipped against most major currencies (http://www.marketwatch.com/story/yen-gains-on-reports-of-currency-hedging-by-japans-mega-pension-fund-2015-12-01).

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(END) Dow Jones Newswires

December 01, 2015 10:13 ET (15:13 GMT)

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