Australian stocks rally

Jamie Soward of the Panthers during the round seven NRL match between the Sydney Roosters and the Penrith Panthers in Sydney. Matt King/Getty Images

Australian stocks ripped higher in early trade.

The miners sprinted on the back of a recovery in oil prices and a positive session on Wall Street where the S&P 500 index closed 0.7% higher.

The ASX 200 quickly bounced through the key 5200 mark on the index. A short time ago, the index was at 5,201.70, up 64.64 points or 1.26%.

Resources stocks led the local rally with BHP up 4.3% to $19.52 and Rio Tinto 3.2% to $48.970.

The major banks followed with the NAB up 2.4% to $27.19.