Stocks rise on hopes of anti-virus drugs and US stimulus.

NEW YORK, United States – Global stocks rose mostly on Friday amid heightened hopes for a US stimulus package following recent remarks by President Donald Trump and growing confidence in coronavirus therapeutics.

Major US indices ended higher for the third straight session, and the tech-rich Nasdaq rose 1.4 percent as the White House once again changed its stance on the talks.

Previously, European stock markets also rose despite the increase in coronavirus cases on the continent.

After markets tumbled Tuesday following President Donald Trump’s abrupt decision to end stimulus talks, investors have applauded him in the days since and seen him calling for a deal.

On Friday, the White House stepped up its offer, proposing a $ 1.8 trillion package, as Trump himself said on a radio show that he was in favor of an even larger package.

But Senate Majority Leader Mitch McConnell said there was not enough time to complete the talks before the election.

Still, analysts said the earnings reflect confidence that there will be a package soon.

Markets also applauded an article in the New England Journal of Medicine reporting that Gilead Sciences’ drug remdesivir resulted in “consistent and clinically significant improvements” in coronavirus patients, the latest positive indicator of a leading treatment.

That news follows announcements from Regeneron Pharmaceuticals and Eli Lilly earlier in the week about Covid-19 therapies that have increased confidence in the effectiveness of treatments for the virus.

The market is “being further stimulated this week by the realization that there could be an effective and widespread COVID treatment regimen approved soon,” Briefing.com analyst Patrick J. O’Hare said.

“The gist is that the more confidence there is in potential treatment plans, the more confidence there will be in a possible return to normal activity,” he added.

Analysts have also cited heightened expectations that the US presidential election will not be contested, given challenger Joe Biden’s growing lead over Trump in the polls. A lengthy and contentious fight over the outcome has been a drag on sentiment in recent weeks.

– Madrid in semi-confinement –
While US stimulus and elections are the main drivers for the markets, a surge in new virus infections in Europe is causing distress, with several countries reimposing new containment measures and considering localized closures.

The government of Spain declared a state of emergency and a new partial blockade for the city of Madrid affected by the virus, while in France, four other cities were put on maximum alert for coronavirus on Thursday, which means that they will have to close bars and limit public gatherings.

Britain’s economy expanded 2.1 percent weaker than expected in August and remained well below pre-pandemic levels, official data showed on Friday, and the government expanded aid for workers whose companies are forced to close.

Despite a fourth consecutive monthly increase, gross domestic product was 9.2 percent below February’s level, the Office for National Statistics said in a statement.

– Key figures around 1930 GMT –
New York – Dow Jones: + 0.6 percent to 28,586.90 (close)

New York – S&P 500: + 0.9 percent to 3,4,77,14 (close)

New York – Nasdaq: 1.4 percent to 11,579.94 (close)

London – FTSE 100: up 0.7 percent to 6,016.65 (close)

Frankfurt – DAX 30: + 0.1 percent to 13,051.23 (close)

Paris – CAC 40: up 0.7 percent to 4,946.81 (close)

EURO STOXX 50: + 0.5 percent to 3,273.12 (close)

Tokyo – Nikkei 225: DOWN 0.1 percent to 23,619.69 (close)

Hong Kong – Hang Seng: DOWN 0.3 percent to 24,119.13 (close)

Shanghai – Composite: 1.7 percent to 3,272.08 (close)

Euro / Dollar: UP to $ 1.1828 from $ 1.1759 at 2100 GMT

Pound / Dollar: UP to $ 1.3045 from $ 1.2938

Dollar / yen: DOWN to 105.61 yen from 106.03

Euro / Pound: DOWN to 90.67 pence from 90.89

West Texas Intermediate: DOWN 1.4 percent at $ 40.60 per barrel

North Sea Brent Crude: DOWN 0.31.1 percent at $ 42.85 a barrel

gsg

For more news on the new coronavirus, click here.

What you need to know about the coronavirus.

For more information on COVID-19, call the DOH hotline: (02) 86517800 local 1149/1150.

The Inquirer Foundation supports our leaders in healthcare and still accepts cash donations to be deposited into the Banco de Oro (BDO) checking account # 007960018860 or donate through PayMaya using this link .

Read next