Wall Street opens sharply higher boosted by financials

Wall Street started the month of March on a strong note with the three major indexes posting strong gains in the early trade. At the moment, the Dow Jones Industrial Average is up 0.80% on the day while the S&P 500 and the Nasdaq Composite are adding 0.76% and 0.65%, respectively.

The 10-year US T-bond yield on Friday rose more than 1% for the third straight day and touched its highest level since late January to boost the rate-sensitive financials sector of the S&P 500, which was last up 1.25% on the day. Additionally, materials and consumer discretionary both gain over 1% to help the daily rally preserve its momentum.

On the other hand, the defensive sectors, utilities and real estate, are in the negative territory, suggesting that the positive market sentiment is driving the action. In fact, the CBOE Volatility Index, Wall Street's fear gauge, is down 2.7% at the moment.