NEW YORK (Reuters) – World stock markets rose sharply on Wednesday following encouraging news for an experimental COVID-19 treatment and some positive earnings reports, while beaten-up oil prices soared.
The New York Stock Exchange (NYSE) is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, U.S., April 26, 2020. REUTERS/Jeenah Moon
MSCI’s gauge of stocks across the globe gained 2.35%. Major U.S. averages ended up well over 2%, while the pan-European STOXX 600 index rose 1.75%.
A top U.S. health official said Gilead Sciences Inc’s (GILD.O) antiviral drug remdesivir is likely to become the standard of care for COVID-19 after early results from a clinical trial showed it helped certain patients recover more quickly from the illness caused by the coronavirus.
The development of treatments for the virus has been seen by market strategists as critical as they could help countries emerge from self-imposed lockdowns aimed at curbing the outbreak that have crippled economies.
“While we wait for a vaccine, we are looking out for anything that will help us get back into society, and we’re all hanging on this data on a day-by-day basis,” said Linda Duessel, senior equity strategist at Federated Hermes in Pittsburgh.
The Federal Reserve left interest rat