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New York - US stocks jumped more than one percent in early trade on Tuesday, chasing a European rally that comes ahead of a widely expected interest rate hike by the Federal Reserve.
A rebound in crude prices boosted the buying, with oil industry shares leading the market higher.
About 35 minutes into trade, the Dow Jones Industrial Average was up 199.26 points (1.15%) at 17 567.76.
The broad-based S&P 500 advanced 25.91 (1.28%) to 2 047.85, while the tech-rich Nasdaq Composite added 67.12 (1.36%) at 5 019.35.
Dow member 3M Company dropped 4.2% as it projected full-year earnings of $7.55 per share, below the prior range of $7.60-$7.65 per share. 3M blamed the "realities of a continued slow-growth global economy."
Valeant Pharmaceuticals International bolted 14.6% higher after announcing a new distribution agreement with pharmacy chain Walgreens that will reduce prices on branded dermatological and ophthalmological products by 10%. Walgreens' parent, Walgreens Boots Alliance, rose 0.8%.
Chipmaker Qualcomm rose 2.3% as it ruled out a breakup of the company following a strategic review.
Dow member Disney jumped 3% ahead of the Friday release of the eagerly anticipated "Star Wars" movie sequel.
Norwegian Cruise Line Holdings fell 2.9% to $57.76 as it priced an offering of 10.3 million shares at $57.65 per share.
Dow member Boeing climbed 2.2% as it announced it was lifting its dividend 20 percent and had approved a new $14bn share repurchase programme.
Pfizer, another Dow component, rose 1.1% on news it hiked its dividend by seven percent.
