Stocks build on their gains and open higher on Wall Street

Stocks are off to a solid start on Wall Street Tuesday as investors continue to wager that the new variant of the COVID-19 virus won't pose a big threat to the economy

BEIJING -- Stocks are off to a solid start on Wall Street Tuesday as investors continue to wager that the new variant of the COVID-19 virus won’t pose a big threat to the economy. The S&P 500 rose 1.4% in the first few minutes of trading, adding to its gains from a day earlier. The tech-heavy Nasdaq rose 2%, and small-company stocks also posted gains. Safe-play sectors like utilities lagged the rest of the market. Treasury yields rose and crude oil prices climbed about 3%. European markets were also solidly higher, and Asian markets closed higher overnight.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

BEIJING (AP) — Global stock markets followed Wall Street higher Tuesday as anxiety about the coronavirus's latest variant eased and China reported stronger November trade figures than expected.

London and Frankfurt opened higher. Shanghai, Tokyo and Hong Kong advanced. Oil prices rose more than $1 a barrel for a second day.