New | Wall Street follows rally in Asia
Youku Tudou rises 11.3 per cent to lead advance in Chinese ADRs
US stocks rose in morning trade on Tuesday, joining most major global markets in rallying following strong gains in the volatile Chinese stock market.
The Dow Jones Industrial Average was 1.75 per cent ahead about 30 minutes after the market opened.
The broad-based S&P 500 gained 1.61 per cent, while the tech-rich Nasdaq Composite Index advanced 1.87 per cent.
Most equity markets in Europe and Asia posted big gains following the 2.92 per cent rise in the Shanghai Composite Index.
Many of the biggest US-traded Chinese equities also notched strong gains in early trading.
Youku Tudou, an internet television firm, climbed 11.3 per cent to US$17.43 after it reported interim earnings, leading the rally in Chinese American depositary receipts.