US stocks begin 2017 with strong gains

On the first trading day of 2017, major US equity indices opened with strong gains amid renewed optimism over prospects of stronger US economic growth. 

At the time of reporting, the Dow Jones Industrial Average gained over 150-points and was seen making a fresh attempt towards the psychologically important 20,000 milestone. Meanwhile, the broader S&P 500 Index added 16-points and rose to 2,255, while tech-heavy Nasdaq Composite was up 44-points to 5,427.

Encouraging Chinese manufacturing data boosted investor sentiment and triggered a fresh wave of risk-on trade across global financial markets. Adding to this, a sharp rally in oil prices also contributed to the prevalent upbeat sentiment surrounding riskier assets, including equities. 

Meanwhile, renewed up-surge in the US treasury bond yields reinforces optimism surrounding US economic growth and suggesting strong fundamental support that should continue lifting the market higher in the near-term.