The Nasdaq soared 451.07 points or 2.6% to 17,754.09, the S&P 500 surged 117.42 points or 2.1% to 5,638.94 and the Dow jumped 674.62 points or 1.7% to 41,488.19.

Positive sentiment may also have been generated in reaction to news the U.S. is likely to avoid a government shutdown after Senate Minority Leader Chuck Schumer, D-NY, said he would vote to advance a Republican spending bill funding the government through September. While Democrats oppose the bill, Schumer argued allowing President Donald Trump to take even much more power via a government shutdown is a far worse option. Meanwhile, traders largely shrugged off a report from the University of Michigan showing a substantial deterioration in consumer sentiment and a surge by inflation expectations in the month of March.

Steel stocks performed best, resulting in a 4% spike by the NYSE Arca Steel Index. Brokerage stocks were significantly strong, as reflected by the 3.5% surge by the NYSE Arca Securities Broker/Dealer Index. Computer hardware stocks too were substantially strong, with the NYSE Arca Computer Hardware Index soaring by 3.5%. Semiconductor, software and banking stocks also showed notable moves to the upside amid a broad based rally on Wall Street.

Asia-Pacific stocks moved mostly higher. Japan's Nikkei 225 Index advanced by 0.7%, China's Shanghai Composite Index jumped by 1.8% and Hong Kong's Hang Seng Index surged by 2.1%. The major European markets also moved to the upside on the day. While the German DAX Index shot up by 1.0%, the French CAC 40 Index and the U.K.'s FTSE 100 Index both jumped by 1.1%.

In the bond market, treasuries gave back ground after turning higher over the course of the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 3.4 bps to 4.30%.

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