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.
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