US stocks opened about one percent higher Wednesday, partly erasing Tuesday's steep losses driven by worries over China's economy

Fifteen minutes into trade, the Dow Jones Industrial Average was up 176.28 points (1.10 percent) at 16,234.68.

The broader S&P 500 gained 18.95 (0.99 percent) at 1,932.80, and the Nasdaq Composite added 48.87 (1.05 percent) at 4,684.98.

The 30 Dow blue chips were all higher, led by banks, which were heavily sold in Tuesday's rout, which saw the overall market down nearly three percent. gained 1.8 percent, and Goldman Sachs 1.4 percent. Wells Fargo, not included in the Dow, gained 2.1 percent.