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European stocks climbed for a second day as traders focused on data showing that the growth rate of the coronavirus spread is slowing.
Up 3.7% on Monday, the Stoxx Europe 600 SXXP, +2.60% climbed 3.1%, and the German DAX DAX, +3.70% , French CAC 40 PX1, +3.24% and U.K. FTSE 100 UKX, +2.37% also jumped.
The Dow Jones Industrial Average DJIA, +7.73% shot up 1627.46 points, or 7.73%, on Monday, and futures on the blue chip index YM00, +2.77% rose another 600 points.
Beaten-up stocks from the pandemic surged. Movie-chain operator Cineworld Group CINE, +44.76% , which halted its dividend, jumped 28%, and cruise-ship operator Carnival CCL, +23.82% climbed 21%. Both companies have dropped 78% this year.
Two of Europe’s better-performing stocks this year struggled, with diagnostics-test maker BIM, -5.54% and prepared-food-kit maker HelloFresh HFG, -4.08% retreating.
The stock market gains came as the global growth rate of coronavirus cases continued to slow, to 5.8% from 6%, according to data from Deutsche Bank, while the U.S. growth rate did edge back up to 9% from 8.2%. Still, that is the second straight day of sub-10% growth in the United States. The news on the virus front wasn’t entirely positive as Japan declared a state of emergency in seven prefectures.
As the virus continues, U.S. lawmakers are considering another stimulus package that could be worth more than $1 trillion, according to The Washington Post.
The British pound GBPUSD, +0.77% more than recovered the losses from the hospitalization of U.K. Prime Minister Boris Johnson over the coronavirus.
Johnson stayed overnight in the intensive care unit.
