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NEW YORK (Reuters) – A gauge of global stocks rose on Wednesday after encouraging news for a pilot COVID-19 treatment and some reports of positive gains as oil prices rose.
The New York Stock Exchange (NYSE) is seen in the Lower Manhattan financial district during the outbreak of coronavirus disease (COVID-19) in New York City, USA. USA, April 26, 2020. REUTERS / Jeenah Moon
The worldwide MSCI stock indicator .MIWD00000PUS gained 1.86%. The main averages of EE. USA They increased approximately 2% in early operations, while the pan-European STOXX 600 index increased 1.40%.
Gilead Sciences Inc (GILD.O) said that his experimental antiviral drug remdesivir helped improve outcomes for COVID-19 patients, and provided data suggesting that it worked better when administered earlier in the course of infection.
Developing treatments for the virus have been seen by strategists as critical to markets, as they could help countries break out of self-imposed blockages to quell the outbreak that has paralyzed economies.
Wednesday’s data showed that the US economy. USA It contracted in the first quarter at its fastest pace since the Great Recession, falling at an annualized rate of 4.8%.
“What matters to the market is forward-looking information like when are we going to get a cure or a vaccine,” said Chris Zaccarelli, chief investment officer for the Independent Advisor Alliance in Charlotte, North Carolina. “Any news about the treatment or a vaccine for COVID-19 is going to beat the flashback.”
On Wall Street, the Dow Jones Industrial Average .DJI rose 444.37 points, or 1.84%, to 24,545.92, the S&P 500 .SPX gained 61.54 points, or 2.15%, to 2,924.93 and the Nasdaq Composite .IXIC added 245.85 points, or 2.86% , at 8,853.58.
As the heart of the first quarter corporate results season arrives, Google’s parent Alphabet’s (GOOGL.O) Shares rose 9.2% after the company said a drop in Google ad sales stabilized in April. Boeing (PROHIBITION) Shares rose 4.2% after the aircraft maker’s report.
In Europe, shares of automakers .SXAP rose after German automaker Daimler (DAIGn.DE) predicted operating profit at its Mercedes-Benz Cars & Vans division above last year’s level and rival Volkswagen (VOWG_p.DE) said he hoped to be profitable for the whole year.
Investors around the world are increasingly confident that the pandemic may be peaking as parts of the United States, Europe, and Australia gradually ease restrictions. New Zealand this week allowed some companies to reopen.
Oil prices rose after US stocks. USA They rose less than expected and gasoline stocks fell, and support also came from the hope that demand will improve as some European countries and US cities. USA They moved to relieve coronavirus blockages.
US crude oil CLc1 recently increased 26.42% to $ 15.60 a barrel and Brent LCOc1 was at $ 22.89, an 11.88% increase on the day.
In currencies, the dollar = USD index fell 0.089%, with the euro EUR = 0.24% up at $ 1.0844.
10-year benchmark US10YT = RR last raised 6/32 in price to yield 0.5922%, down from 0.61% late on Tuesday.
Markets also focused on the US Federal Reserve meeting. USA, with central bank policy statement at 2 p.m. EDT (1800 GMT).
Additional reports by Sinéad Carew and Karen Brettell in New York, Tom Wilson in London; Editing by Alex Richardson and Jonathan Oatis
