US stocks build on overnight impressive rally

Major US equity indices opened higher on Thursday and built on overnight dramatic turnaround amid easing fears of a full-blown US-China trade war.

Sentiment reversed on Wednesday after the US President Donald Trump's top economic adviser Larry Kudlow said the administration was involved in a negotiation with China rather than a trade war.

Wednesday's impressive rally helped the broader S&P 500 Index to close above the very important 200-day SMA for the second straight session and reverse YTD losses for the tech-heavy Nasdaq Composite Index.

With the world's two largest economies expected to shift to a period of negotiation to resolve their trade differences, the market seems all set to continue with previous session's big turnaround.

On the economic data front, the US trade deficit increased to a near 9-1/2-year high in February and the weekly initial jobless claims unexpectedly rose more than expected but did little to dampen the prevailing risk-on environment. 

During the opening hour of trade, the Dow Jones Industrial Average added around 150-points to 24,410 and the S&P 500 Index climbed nearly 11-points to 2,655. Meanwhile, Nasdaq gained in excess of 31-points and inched back closer to the 7,100 mark.