Wall Street rallies 1% at the open on US-China trade talks

US stock indices opened the second session of the week higher, buoyed by phone talks between a high level Chinese official and US treasury secretary Steven Mnuchin on trade, whetting investors' appetite for some progress on the current trade dispute between the two countries. 

Earlier US data showed producer prices rose 0.1% in November, beating estimates of no change, while slowing down from October's 0.6% increase. 

Core prices, excluding food and fuel, rose 0.3%, beating forecasts of 0.1% and missing estimates of 0.5%. 

Stock Performance 

As of 03:50 GMT, Standard and Poor's 500 rallied 1.26%, or 33.16 points to 2,670.88, while Dow Jones gained 0.99%, or 242.52 points to 24,665.78. 

Tech-heavy NASDAQ surged 0.99%, or 242.52 points to 7,121.30.