U.S. stocks moved broadly higher in early trading Wednesday, echoing strong gains in global markets as investor worries about Britain’s vote to leave the European Union eased. Traders also got encouraging data on U.S. consumer spending.
Materials, consumer and financial companies were among the biggest gainers. Energy stocks also rose as the price of crude oil headed higher.
The Dow Jones industrial average and the Standard & Poor’s 500 index turned slightly positive for the year.
The Dow gained 161 points, or 0.9 percent, to 17,571 as of 10:27 a.m. Eastern Time. The S&P 500 index rose 21 points, or 1.1 percent, to 2,057. The Nasdaq composite added 57 points, or 1.2 percent, to 4,749.
European stock indexes also posted solid gains. The British pound edged up against the dollar following its plunge after the British vote last week.