Equity buyers shrugged off risk?

The stock market surged more than 2% to its best single-session gain in three months on solid volume as market participants shrugged off risk and engaged in a concerted buying effort.

This is me still collecting information on the risk on/off thing. OK, did equity had a shrug off the risk day, yields higher along the curve. If this doesn't match with what I have said before, it is because I still do not quite get how to allocate risk on any given day. Who holds the risk today? Central bankers, and the bond market? Is that how it works, risk is shoved around?