NEW YORK (CNN/Money) - Stocks soared early Tuesday as better-than-expected results from automaker General Motors and chipmakers Texas Instruments and Novellus Systems seemed to reassure investors concerned about a corporate profit recovery.

At 9:35 a.m. ET, the Nasdaq composite index added 36.64, or 2 percent, to 1,790.42. The Dow Jones industrial average gained 111.96 to 10,205.63. The Standard & Poor's 500 rose 12.36 to 1,114.91.

No. 1 automaker and Dow component General Motors (GM: up $1.91 to $63.01, Research, Estimates) reported a first-quarter profit that topped estimates and raised guidance for the second quarter.

Among other Dow components reporting results, beverage maker Coca-Cola (KO: down $0.54 to $51.85, Research, Estimates) and health products maker Johnson & Johnson (JNJ: up $0.14 to $62.30, Research, Estimates) reported better-than-expected profit, while industrial equipment maker Caterpillar (CAT: down $0.71 to $57.28, Research, Estimates) missed estimates.

Chip processing gear maker Novellus Systems (NVLS: up $3.05 to $53.45, Research, Estimates) reported a narrower-than-expected loss and upped second-quarter expectations, while chipmaker Texas Instruments (TXN: up $1.73 to $33.86, Research, Estimates) reported a profit that fell from the same period one year ago, but nonetheless topped expectations.

Markets in Europe were higher at midday, while Asian markets closed higher. The dollar fell against the yen and the euro. Brent crude oil futures rose 62 cents to $24.68. Treasury prices were lower in early trading.