NEW YORK (AP) — Stocks are rising in early trading, led by materials companies.
Joy Global rose 5.6 percent Wednesday, the most of any company in the Standard & Poor’s 500 index, after the mining equipment maker said its earnings rose 46 percent because of strong global demand for commodities like copper and coal.
That helped to push up other stocks. Mining operator Cliffs Natural Resources Inc. rose 3.2 percent, aluminum maker Alcoa Inc. rose 2.1 percent and equipment giant Caterpillar Inc. rose 2.4 percent.
Shortly after the opening bell, the Dow Jones industrial average is up 94 points, or 0.8 percent, at 11,655. The Standard & Poor’s 500 index is up 12, or 1 percent, at 1,225. The Nasdaq composite index is up 23, or 0.9 percent, at 2,599.