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New York - Wall Street stocks rose early on Thursday as strong US growth data helped to extend a global rally led by big gains in Chinese markets.
About 40 minutes into trade, the Dow Jones Industrial Average was up 176.91 points (1.09%) at 16 462.42.
The broad-based S&P 500 gained 23.76 (1.22%) at 1 964.27, while the tech-rich Nasdaq Composite Index advanced 61.83 (1.32%) to 4 759.37.
The gains in the US extended Wednesday's big rally, which snapped a six-day losing streak.
Earlier Thursday, the Shanghai market, whose plummet unleashed the global sell-off of the last 10 days, soared 5.34%. Exchanges in London, Frankfurt and Paris were up around three percent.
The rally was given further support by US data showing the economy grew at an annual rate of 3.7% in the second quarter, much higher than the 2.3% initially estimated.
All 30 members of the Dow rose, with oil producers Chevron (+2.9%) and ExxonMobil (+2.2%) among the bigger gainers.
Other petroleum-linked stocks also surged on higher oil prices. Driller Nabors Industries jumped 7.4%, EOG Resources gained 4.9% and ConocoPhillips added 4.2%.
High-flying technology stocks also prospered, including Facebook (+2.4%), Netflix (+5.6%) and Tesla Motors (+5.7%).
Tiffany fell 1.1% as it projected full-year earnings would drop between two and five percent from last year's $4.20 per share, in part due to the strong dollar. Analysts had estimated the upscale jewelry retailer would make $4.26 for the year.
Metals and oil producer Freeport-McMoRan powered 18.3% higher as it announced deep cuts to its capital budget in light of weak commodity prices. Freeport now expects to spend $4bn in 2016, down 29% from its estimate a month ago.
PVH, which owns the Tommy Hilfiger and Calvin Klein apparel brands, rose 4.5% as it lifted its full-year profit forecast to $6.90-$7.00 per share, five cents above the prior range.
Budget supermarket chain Dollar General lost 3% as second-quarter sales came in just under $5.1bn, lagging analyst expectations for $5.14bn.
Bond prices were mixed. The yield on the 10-year US Treasury rose to 2.20% from 2.18% Wednesday, while the 30-year held steady at 2.94%. Bond prices and yields move inversely.
