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And while an index tracking employment trends held in expansionary territory, it moderated slightly compared to August. Price paid by firms for materials and services also increased, tracking a rise in inflation seen across the economy over the past several months. One of the biggest contributors to the estimates-topping print in September came from new orders and order backlogs, which both accelerated during the month. Readings above the neutral level of 50.0 indicate expansion in a sector.

This came in above consensus estimates for a reading of 59.9, according to Bloomberg consensus data. The Institute for Supply Management's September Services Index came in at 61.9, rising from 61.7 in August. Energy and real estate were the only sectors in negative territory during intraday trading. The information technology and communication services sector outperformed in the S&P 500, marking a stark reversal from Monday's session when these areas were the biggest laggards. ET: Stocks extend gains, Dow adds 350+ points, or 1%ДЄ rebound rally was under way Tuesday afternoon, with each of the three major stock indexes up more than 1% shortly after noon in New York. Here were the main moves in markets as of 4:03 p.m. ET: Nasdaq Composite jumps 1.3% in best day since August as tech stocks recover losses

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I concur with the idea that the legs that the bull case stands on, which are accommodative policy, fiscal and monetary, plus just really strong corporate operators and a really strong consumer, are enough to outweigh the headline risks of a debt ceiling standoff or policy machinations,' Ross Mayfield, Baird Investment strategy analyst, told Yahoo Finance Live. 'We think most of the dips here are buyable.

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