U.S. stocks opened higher Tuesday as markets in Europe defending wide gains.
The Dow industrials and S&P 500 rose 1% and the Nasdaq climbed 1.3%.
Leaders in early trade included JPMorgan (JPM), Chesapeake Energy (CHK), Prudential (PUK) and Micron Technology (MU).
European markets added to their early gains as they headed into afternoon trade. The CAC-40 in Paris traded up 3.2%; while the DAX in Frankfurt, Germany, was ahead 2.8%; and the FTSE 100 in London showed a 2.8% gain.
Economic Calendar
The Commerce Department gave the stock market today an additional boost, revising its third estimate of first-quarter GDP growth upward to 1.1%, vs. its prior 0.8% growth estimate. Its inflation gauge, the GDP Price Index, eased to a 0.4% gain -- down from the previous 0.6% figure.
Home prices rose 0.5% in April vs. March, according to the S&P/Case-Shiller 20 City Composite Home Price Index. That was down from a 0.9% month-over-month increase in March. On a year-over-year basis, prices were up 5.4%, effectively flat with March's (upwardly revised) 5.5% gain.
The Conference Board is on deck, set to release it consumer confidence numbers for June at 10 a.m. ET.
Energy, Chips Lead S&P 500
All of the Dow's stocks were positive. JPMorgan and Goldman Sachs (GS) led, adding to early gains and up more than 2% apiece just before the open.
Coal miner Consol Energy (CNX) spiked 5%; Chesapeake Energy rose 4% at the open, Freeport-McMoRan (FCX) 7% and Devon Energy (DVN) 4%.
Chipmakers were higher; Micron Technology rallied 5%.
Among U.K.-based issues trading in the U.S., life insurer Prudential bounced 11% after swooning 17% Monday. Lloyds Banking Group (LYG) jumped 8%. Wireless services provider Vodafone Group (VOD) popped 4.5%.
Quarterly reports due out after today's close include Nike (NKE) and Aerovironment (AVAV).
Oil, Gold, Dollar & Asian Markets
Oil prices bounced hard, with West Texas Intermediate jumping nearly 3% to just below $49 a barrel. Europe's Brent crude added more than 2% and was back above $48 a barrel. Gold backed off almost 1%, to near $1,314 an ounce. The dollar was down against the euro but up sharply vs. the yen. The 10-year Treasury yield added 3% basis points to 1.73%.
Both the British pound and the euro rebounded somewhat off Monday's lows, possibly buoyed by discussions of coordinated intervention by Europe's central banks, according to Bloomberg.
China's markets notched a mixed session: The Shanghai composite ended down 0.3%, but Hong Kong's Hang Seng index was up 0.6%. In Japan, Tokyo's Nikkei 225 ticked up 0.1%.
