World markets surged on Wednesday following an unexpected jump in the US manufacturing index and bullish economic figures from Asia.
The Dow Jones has climbed 2.51% to 10,265.61 after two hours of trading, while the broader S&P 500 jumped 2.78% and the tech-heavy Nasdaq soared 2.94%.
Global stocks are also seeing their best rise since May, with the MSCI World Index adding 2.8% by 11am New York time.
London's FTSE posted triple-digit gains, advancing 141 points, or 2.7%, to 5,366, its strongest daily performance since 6 July. Elsewhere, the French Cac and German Dax also soared.
The jump in equity markets has hit bond yields, with the benchmark 10-year Treasury rising 12 basis points to 2.6%.
Much of the positive sentiment has come from the crucial Institute for Supply Management manufacturing index reading, which rose from 55.5 in July to 56.3 in August. Economists polled by Thomson Reuters had forecasted a weaker reading of 53.
In addition, markets were boosted by a tick-up in the Beijing-backed purchasing managers' index, while the Australian economy grew a seasonally adjusted 1.2%in the April-June quarter, largely driven by a rise in commodities exports.
