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Nasdaq Leads Early Rally; Apple Tops Dow, 2 China Names Spike | Stock News & Stock Market Analysis

Stocks hammered out strong early gains Tuesday with a boost from global markets and despite a volatile mix of early earnings news.

XAutoplay: On | OffThe Dow Jones industrial average and the Nasdaq Composite opened up 0.4%, then continued higher. The S&P 500 stepped up 0.3% at the starting bell.

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 0.6% early on.

Retailers were thoroughly mixed after a spate of early earnings reports.

Urban Outfitters’ (URBN) rose 2%, while Signet Jewlers (SIG) crumbled 22% and Campbell’s Soup (CPB) dived 8%, and Burlington Stores (BURL) each traded down 1%.

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 back on Monday 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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