Stocks rose for a third session Tuesday as Wall Street works to recover from its January lows. The Dow Jones Industrial Average climbed over 270 points, while the S&P 500 and Nasdaq rose over 0.6% and 0.7%, respectively.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): +0.69% or +30.94 points to 4,546.51

Dow Jones Industrial Average (DIA  ): +0.78% or +273.38 points to 35,405.24

Nasdaq Composite Index (QQQ  ): +0.75% or +106.12 points to 14,346.00

U.S. manufacturing activity fell in January:

U.S. manufacturing activity slumped to a 14-month low in January as the Omicron variant impacted the sector.

The Institute for Supply Management's latest report published Tuesday of its national factory activity index fell to a print of 57.6 in January, declining from December's print of 58.8 and to the lowest level since November 2020. Still, readings above 50 indicate expansion in a sector.

Job openings remained historically high at year's end:

The number of job openings and quits in the United States each remained at historically high levels in December, underscoring the ongoing tight labor market amid high demand for workers.

The Labor Department's latest Job Openings and Labor Turnover Summary (JOLTS) report published Tuesday showed U.S. vacancies totaled 10.925 million in December, up from November's print of 10.775 million. This was the seventh straight month that job openings remained above the 10 million level. Before the pandemic, job openings had averaged about 7 million per month throughout 2019.

AT&T to spin off WarnerMedia to Discovery in $43 billion deal:

AT&T (T  ) announced Tuesday it will spin off WarnerMedia in a $43 billion transaction to merge its media properties with Discovery (DISCA  ). The company also cut its dividend by nearly in half as part of the deal.

AT&T shareholders will own 71% of the new, resulting company after the merger and will receive 0.24 shares of WarnerMedia/Discovery for each AT&T share they own. After the transaction closes, AT&T will have 7.2 billion diluted shares outstanding.

Additionally, AT&T expects to pay a dividend of $1.11 per share, down from $2.08, or the lower end of an $8 billion to $9 billion estimate range the company previously projected.

Here's how market benchmarks started trading soon after open:

S&P 500 Index: +0.11% or +5.07 points to 4,520.62

Dow Jones Industrial Average: +0.02% or +7.57 points to 35,139.43

Nasdaq Composite Index: +0.18% or +25.00 points to 14,264.88