Stocks surged globally while USA equity futures fluctuated on Wednesday as investors weighed evolving government rescue packages to counter the hit from the coronavirus, after one of the best days on Wall Street in a generation.
The S&P 500 closed up 9.4%, its best day since 2008.
WTI crude oil climbed toward $25 a barrel in NY. The dollar fell for a second day versus its biggest peers including the euro. The single currency held Tuesday's gain as the region's leaders move toward their own rescue package.
Oil prices bounced another 2% as hopes for USA stimulus also boosted hopes for global demand. But the number of infections globally continues to mount and Spain reported the largest number of deaths yet in a day, reminding traders that the hreat to the global economy hasn't passed.
Data on Monday showed USA business activity hit a record low in March, bolstering expert views that the economy was already in a recession.
On Wall Street, the Dow Jones Industrial Average soared 11.37 percent on Monday, its biggest one-day percentage gain since 1933, following broad gains in Asia and Europe. Still on the month, the market is down 44 per cent.
North American stocks jumped at the open on Tuesday as signs that Washington was nearing a deal on a $2-trillion rescue package for the coronavirus emergency gave a shot of optimism to markets reeling under the biggest selloff since the global financial crisis.
"I feel very good being in cash right now because there are going to be phenomenal opportunities when the stimulus is finalized and if we look forward a month or two", Carol Pepper, Pepper International chief executive officer, told Bloomberg. "Because until then we'll have these huge relief-rally days - then we'll get a scary day and the market will plunge down again".
Gold ticked up 0.3% to $1,614.5 per ounce after having soared nearly 5%, its biggest gains since 2008, on Tuesday. The closure of refineries and demand for physical gold had caused a disconnect between prices in London and NY.
The Stoxx Europe 600 Index gained 2.9% as of 8:23 a.m. London time.Futures on the S&P 500 Index climbed 1.3%.The MSCI Asia Pacific Index rose 5.5%.The MSCI All-Country World Index increased 1.8%.
The yield on 10-year Treasuries dipped three basis points to 0.82%.Germany's 10-year yield decreased one basis point to -0.33%.Britain's 10-year yield was unchanged at 0.461%.
The May crude contract was up 97 cents at US$24.33 per barrel and the May natural gas contract was up 6.7 cents at US$1.740.
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