Wall Street opens decisively higher on strong risk appetite

• CBOE Volatility Index drops nearly 6% on Tuesday.
• 11 major sectors of S&P 500 trade in positive territory.

Wall Street's main indexes opened sharply higher on Tuesday following Monday's slump as risk-on flows seem to be dominating the financial markets once again. As of writing, the Dow Jones Industrial Average was up 2.25% on the day while the S&P 500 and the Nasdaq Composite were adding 2.2% and 2.35%, respectively.

Risk rally

Reflecting the upbeat market mood, the CBOE Volatility Index, Wall Street's so-called fear gauge, is down nearly 6% on the day. 

11 major sectors of the S&P 500 all trade in the positive territory following the opening bell. The risk-sensitive Technology Index is up 2.55% on the day and the Financials Index is adding 2.5%.

Earlier in the day, JPMorgan Chase & Co reported lower-than-expected net income and EPS for the first quarter but noted that the equity markets revenue increased by 28% amid heightened volatility. At the moment, JPM is up 2.8% on the day.