NEW YORK: Wall Street stocks climbed early Wednesday with both Nike and FedEx rising after earnings reports ahead of consumer confidence data for the important holiday-shopping season.
Sports giant Nike surged nearly 15 percent as it reported better-than-expected profits and described progress in selling off excess inventory.
Meanwhile, FedEx jumped 5.4 percent after announcing additional cost cuts as it contends with lackluster demand for delivery services.
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About 15 minutes into trading, the Dow Jones Industrial Average was up 0.9 percent at 33,142.17.
The broad-based S&P 500 gained 0.7 percent to 3,848.54, while the tech-rich Nasdaq Composite Index climbed 0.6 percent to 10,607.22.
Major indices mostly rose on Tuesday, snapping a four-day slump following interest rate increases announced by the Federal Reserve and other central banks.
Markets are looking ahead to the 1500 GMT release of a consumer confidence survey for December, a critical period because of the holiday shopping season.
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