Wall Street opens strongly higher boosted by upbeat sentiment

Major equity indexes in the United States started the day sharply higher on Monday supported by strong risk appetite. As of writing, the Dow Jones Industrial Average is up 0.62% on the day while the S&P 500 and the Nasdaq Composite are adding 0.7% and 0.9% respectively.

Positive data from China earlier in the day helped ease concerns over a global economic slowdown and allowed Asian and European stock markets gain traction. Moreover, the 10-year US T-bond yield gained more than 1% to reflect the risk-on atmosphere. Boosted by the rising bond yields, the S&P 500 Financials Index is up 1.25% on the day to lead today's rally. On the other hand, defensive sectors, real estate and utilities, stay in the negative territory in the early trade.