Investors seem to be shrugging off concerns about Covid-19 in China in the hope that the minutes of the FOMC meeting can ease market concerns which in turn will help equities rebound.
It is understood that the situation in China is getting worse as authorities are forced to close parks and museums while Shanghai restricts entry into the city after a sudden increase in cases.
Even so, investors who bet the Federal Reserve (Fed) will be less aggressive with interest rate hikes next month have been the main driver of the rebound in risk assets.
According to Plumb Balanced Fund portfolio manager Tom Plumb, the focus is definitely on the FOMC minutes which will confirm the prospect of policy tightening either slowing down or remaining hawkish as announced by Jerome Powell.
The streak, Dow Jones Industrial rose 1.18% at 34,098.1 while the S&P 500 added 1.36% at 4,003.58 and the Nasdaq Composite gained 1.36% at 11,174.41.
MSCI's global index rose 1.18% while European shares rose 0.73%.
In Asia this morning also saw Australia's S&P/ASX 200 index rise 0.82%, South Korea's Kospi rose 0.56% and Kosdaq jumped 1.12%.
On the opposite side, the dollar was seen pulling back from gains made during the early New York trading session so far this morning with the greenback index down 0.58% while the Euro was up 0.58% at $1.03.
Treasury yields also experienced a decline with the benchmark 10-year note down at 3.7634% while the 30-year note fell at 3.8325%.
