US stocks open higher on Chinese inflation data

New York - Wall Street stocks opened higher on Tuesday, joining a global equities rally following reassuring Chinese inflation data and a gain in oil prices.

Producer prices in China dropped at their slowest rate in 16 months in April, while consumer prices climbed 2.3%, in a positive sign for the world's second-largest economy.

Analysts said sentiment was also lifted by a gain in oil prices.

Five minutes into trade, the Dow Jones Industrial Average was at 17 814.12, up 0.6%.

The broad-based S&P 500 rose 0.5% to 2 069.24, while the tech-rich Nasdaq Composite Index gained 0.4% to 4 766.91.