The sentiment of concern that dominated investors at the beginning of the week is seen to recover with several key factors driving the United States (US) equity market to rally again.
The ISM survey's US PMI service data reading that exceeded projections, flanked by an increase in factory orders, gave the impression that the current economy is able to absorb the pressure of the Federal Reserve's (Fed) hawkish monetary policy.
In addition, corporate reports that exceeded analysts' expectations and the easing of the US-China geopolitical crisis increased investors' risk-on appetite.
Following the streak, Wall Street's major indexes closed on a positive note with the Nasdaq tech hitting a 3-month high.
The Dow Jones Industrial gained 1.29% at 32,812.5, the S&P 500 gained 1.56% at 4,155.17 and the Nasdaq Composite added 2.59% at 12,668.16.
Equities in the European region also closed higher with the STOXX 600 index up 0.51% and the MSCI gauge of global shares up 1.01%.
Emerging market shares rose 0.28% while MSCI's broadest index of Asia Pacific shares outside Japan closed 0.27% and Japan's Nikkei jumped 0.53%.
Currency trends saw the dollar index up 0.13% with the Euro up 0.04% at $1.0168 while the Japanese Yen was 0.55% weaker at $133.90 while Sterling traded down 0.22% at $1.2145.
Meanwhile, US Treasury yields surged to a 2-week high on the back of stronger-than-expected data.
The benchmark 10-year note rose 11/32 in price to yield 2.7028% from 2.741% and the 30-year bond rose 24/32 in price to yield 2.9461% from 2.984%.
As for commodities, oil prices eased with the US Energy Information Administration's report showing a stockpile dump than expected after OPEC+ increased production.
US crude was down 3.98% at $90.66 while Brent oil was down 3.74% at $96.78.
Gold also rose with the spot gaining 0.3% at $1,765.06 per ounce but the safe-haven metal held back due to rising treasury yields.
