Pivoting on weak economic data from the United States (US) and the release of positive corporate earnings reports, equities are seen to continue their upward rally for 3 consecutive sessions.
US consumer confidence index data recorded a decline of 102.5 for October compared to last month's record of 107.8 and below the market forecast of 105.9.
This has sparked expectations that the Federal Reserve (Fed) will aggressively reduce interest rate hikes, which in turn will make Treasury yields decline, including the dollar.
According to Chris Zaccarelli of the Independent Advisor Alliance, the data proves the theory that bad economic news is good news for the market.
He added that the sentiment of equity investors is mainly seen as betting that the Fed will be less aggressive given that weak data can affect the economy.
In addition, equities also gained momentum with good corporate earnings reports from Microsoft and Meta, although Alphabet recorded a relatively weak reading.
Looking at the index board, the Dow Jones Industrial gained 1.1% at 31,836.74 while the S&P 500 gained 1.6% at 3,859.11 and the Nasdaq Composite jumped 2.2% at 11,199.12.
Europe's STOXX 600 index rose 1.4% with Europe's main MSCI gauge reaching 1.9% after the appointment of Rishi Sunak as Prime Minister of the United Kingdom (UK).
In Asia, Japan's Nikkei 225 rose 0.85%, Topix reached 0.7%, South Korea's Kospi was flat and Kosdaq fell 0.45%.
Australia's S&P/ASX 200 index climbed 0.34%, ahead of the Kangaroo country's inflation report while MSCI's broad gauge of Asia Pacific shares outside Japan jumped 0.14%.
Equities in the Asian region are seen struggling to rally amid uncertainty over whether President Xi Jinping's new leadership will be able to develop China's economy with the Yuan weakening to its lowest level since 2007.
Meanwhile, the yield on the 10-year note fell 4.0792% after rising briefly before the release of house price data.
