An early jump for US stocks following big gains overseas

U.S. stocks are opening sharply higher following big gains in Asia and Europe.

Several stocks were moving on corporate news in early trading Wednesday.

Ralph Lauren jumped 13 percent after the company named a new CEO to replace the company's founder. The stock is still down sharply for the year.

Chesapeake Energy rose 3 percent after announcing that it would cut 15 percent of its workforce.

The Dow Jones industrial average gained 227 points, or 1.4 percent, to 16,275 as of 9:35 a.m. Eastern time.

The Standard & Poor's 500 index jumped 29 points, or 1.5 percent, to 1,912. The Nasdaq composite climbed 82 points, or 1.8 percent, to 4,599.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.08 percent.