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An early gain for stocks, driven by strong company earnings

FILE - In this July 6, 2015, file photo, American flags fly at the New York Stock Exchange on Wall Street. European stocks were flat ahead of a European Central Bank policy meeting on Thursday, Oct. 22, 2015, and Asian markets outside China were mostly lower after disappointing U.S. earnings reports dented investor sentiment. (AP Photo/Mark Lennihan, File)
FILE - In this July 6, 2015, file photo, American flags fly at the New York Stock Exchange on Wall Street. European stocks were flat ahead of a European Central Bank policy meeting on Thursday, Oct. 22, 2015, and Asian markets outside China were mostly lower after disappointing U.S. earnings reports dented investor sentiment. (AP Photo/Mark Lennihan, File) FILE - In this July 6, 2015, file photo, American flags fly at the New York Stock Exchange on Wall Street. European stocks were flat ahead of a European Central Bank policy meeting on Thursday, Oct. 22, 2015, and Asian markets outside China were mostly lower after disappointing U.S. earnings reports dented investor sentiment. (AP Photo/Mark Lennihan, File)

By Associated Press 2 min read

U.S. stocks moved higher in early trading Thursday as investors welcomed encouraging earnings from McDonald’s, eBay and other companies. The market also got a lift from a rally in European stocks after the head of the European Central Bank said the bank will consider expanding its stimulus program in December.

KEEPING SCORE: The Dow Jones industrial average rose 166 points, or 1 percent, to 17,335 as of 10:02 a.m. Eastern time. The Standard & Poor’s 500 index added 20 points, or 1 percent, to 2,039. The Nasdaq gained 55 points, or 1.2 percent, to 4,896.

E-GAINER: EBay jumped 12.9 percent a day after the e-commerce company reported results that came in well ahead of what analysts were expecting. The stock rose $3.12 to $27.33.

HAPPY MEAL: McDonald’s climbed 6 percent after the world’s largest burger chain said its sales increased in the third quarter. McDonald’s shares added $6.97 to $109.51.

CREDIT CRIMPED: Shares in American Express tumbled 6.3 percent a day after the credit card issuer reported a 16 percent drop in profits, missing analysts’ estimates. American Express said it was hurt by higher expenses and the strong U.S. dollar. It also cut its full-year forecast. The stock slid $4.82 to $71.69.

EUROPEAN MARKETS: Germany’s DAX rose 2.3 percent, while the CAC-40 in France rose 2.4 percent. The FTSE 100 index of leading British shares gained 0.4 percent.

ASIA’S DAY: The Shanghai Composite Index finished up 1.4 percent following a 3 percent slide Wednesday. Elsewhere in Asia stock markets closed mostly lower. Japan’s Nikkei 225 fell 0.6 percent and South Korea’s Kospi dropped 1 percent. Hong Kong’s Hang Seng fell 0.6 percent.

ENERGY: Benchmark U.S. crude added 71 cents to $45.91 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, gained 62 cents to $48.47 a barrel in London.

BONDS AND CURRENCIES: U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 2.04 percent from 2.03 percent the day before. The euro fell to $1.1161 while the dollar rose to 120.42 yen.