US stock markets opened strongly on Tuesday, in the first session after an extended holiday weekend.

The Dow Jones Industrial Average rose 98.69 points (1.02 percent) to 9,785.55 in opening trades.

U.S. stock markets are rising on the back of gains in the European and Asian markets and bolstered by comments from the Australian central bank.

The tech-rich Nasdaq composite index surged 33.17 points (1.59 percent) to 2,124.96 and the S&P 500 index, a broader measure of the markets, advanced 11.53 points (1.13 percent) to 1,034.11.

Market sentiment was boosted after the Reserve Bank of Australia said late Monday that the global economy had continued to expand, with growth in Asia remaining strong and signs emerging from China that growth there was now developing at a more sustainable pace.

Top performers included Wal-Mart Stores which rose 2.5%, Bank of America which gained 2.4% and Caterpillar which climbed 2.3%.

Meanwhile, shares of BP rose 5.4% after the company ended speculation that it was looking for a “white knight” investor to ward off takeover bids by saying it would not issue new equity to raise money to cover the costs of the Gulf of Mexico oil spill.

Across the Atlantic, European stock markets were up: France’s CAC 40 soared 3.43%; Germany’s DAX climbed 2.7%; Britain’s FTSE 100 gained 2.7%; and the EURO STOXX 50 advanced 3.5%.

“US equity futures are pointing to a strong open as market participants get back to business after an extended holiday weekend,” said analysts at Briefing.com.

After a tough week for stocks, “bargain hunters are out in force today,” said Briefing.com’s David Campione.

Eyes also turned to the second quarter earnings season, which enter into full flow from next week.