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Worldwide stock rally accelerates on hopes for virus peak

Worldwide stock rally accelerates on hopes for virus peak
Posted at 1:05 PM, Apr 06, 2020
and last updated 2020-04-06 16:25:05-04

Stocks around the world are jumping after some of the areas hardest hit by the coronavirus offered sparks of hope that the worst of the outbreak may be on the horizon.

U.S. stocks were up about 7.7% in afternoon trading Monday after gains accelerated through the day. European and Asian markets had gains nearly as big.

The Dow Jones finished up 1,627 points to close 22,679. The Dow has gained back 3,000 points from its lowest point this year, but is still 7,000 points lower than its highest point in February.

In another sign that investors are feeling more optimistic about the economy’s path, the 10-year Treasury yield was headed for its first gain in four days.

Oil fell after a meeting between big producers about possibly cutting back on production was postponed a few days.