US stocks rise on China trade, homebuilder results

US stocks opened with modest gains Monday after last week's slump, lifted by encouraging China trade data that signaled renewed momentum in the economy and solid earnings from a key US homebuilder.

In the first five minutes of trade, the Dow Jones Industrial Average was up 13.82 points (0.11 percent) at 12,829.21.

The broad-market S&P 500 advanced 3.26 (0.24 percent) to 1,383.11, while the tech-rich Nasdaq Composite rose 12.94 (0.45 percent) to 2,917.81.

"The support for stocks comes as China reported stronger than expected exports and US homebuilder DR Horton Inc posted better-than-expected earnings," Charles Schwab & Co. analyst said.

China's export growth accelerated in October for the second straight month, the government said Saturday, adding to evidence the world's second-largest economy is bouncing back from a slowdown.

There were no major economic data scheduled for release and the bond market was closed in observance of Veterans Day.

On Friday, US stocks eked out small gains, capping a week of solid losses amid fears about the nation's looming "fiscal cliff," automatic spending cuts and expiring tax breaks that will come at year-end unless avoided.

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