NEW YORK — Stocks are opening sharply higher again on Wall Street as the market continues to claw back more of the ground it lost in a miserable several weeks that brought the S&P 500 to its lowest point of the year last Friday.

The benchmark index was up just over 2% in the early going today.

Other major U.S. indexes were also higher.

Treasury yields continued to pull back from their multiyear highs.

European markets also posted strong gains. Australia’s market jumped 3.8% overnight after that country’s central bank made an interest rate increase that was smaller than previous ones.