A heady mix of encouraging global manufacturing data and reassuring central bank commentary drove equities, commodities and the dollar sharply higher and pushed down prices for US government bonds and gold.
Indeed, the S&P 500 index leapt above the 1,700 level for the first time ever while Brent crude oil climbed above the $109-a-barrel mark and the 10-year Treasury bond yield rose to within a striking distance of a recent two-year high.
In the wake of the Federal Reserve’s decision on Wednesday not to begin scaling back – or “tapering” – its quantitative easing programme just yet, investors switched their focus to the release of a batch of manufacturing purchasing managers’ indices across the globe.