Stocks hammered out strong early gains Tuesday with a boost from global markets, overcoming a volatile mix of early earnings news.
X The Dow Jones industrial average muscled up 0.6% and the Nasdaq Composite leapt 0.8% in early trade. The S&P 500 stepped up 0.5%.
A big day for stocks in China fed optimism in Europe and pumped up early action in the U.S. Hong Kong's Hang Seng Index surged 1.9%, pushing the index to a 35.5% gain so far this year and leaving it at its highest level since December 2007.
The Shanghai Composite gained 0.5% and, in Japan, Tokyo's Nikkei 225 swung up 0.7%, lifting it into positive territory for the week.
European investors picked up on the mood, with the DAX in Frankfurt rallying 1% and Paris' CAC-40 ahead 0.8% in afternoon trade, while the FTSE 100 in London kept to a 0.3%.
Markets across Europe, China and Japan will operate on normal schedules this week, while U.S. markets close on Thursday and run a shortened session on Friday for the Thanksgiving holiday.
Apple Tops Dow; China Stocks Seize Early Gains
Apple (AAPL) sprung to the head of the Dow, up 1.6% early on. The stock is extended, 7% above a 160.97 buy point in a cup-with-handle base.
Retailers were thoroughly mixed after a spate of early earnings reports.
Urban Outfitters' (URBN) rose 2%, while Signet Jewelers (SIG) crumbled 22% and Campbell's Soup (CPB) dived 8%. Burlington Stores (BURL) traded down nearly 2%.
Among China-based stocks, Cheetah Mobile (CMCM) spiked 14% after reporting a solid third-quarter performance.
NetEase (NTES) held tight to a 2% advance. Shares of the China-based gaming leader had pulled to test a 337.65 buy point in a cup base. The stock remains in a buy range.
Among IBD 50 stocks, Cognex (CGNX) rose more than 1% in the premarket session. The stock has gained almost 30% following a September breakout.
Tuesday's economic news is limited to existing home sales data for October, due out at 10 a.m. ET from the National Association of Realtors.
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