By Steve Goldstein, MarketWatch
U.K. stocks joined a global rally on Monday, as the chairman of the Federal Reserve said the U.S. central bank still had tools to fight the economic crisis and as data showed new virus cases growing at the slowest rate in months.
Metals producers and travel stocks led the way. Silver miner Fresnillo /zigman2/quotes/201300065/delayed UK:FRES -3.15% surged as silver futures /zigman2/quotes/210315219/delayed SI00 -0.65% rose over 4%.
Low-cost carrier easyJet /zigman2/quotes/202825892/delayed UK:EZJ -4.85% and British Airways owner International Consolidated Airlines Group /zigman2/quotes/208070069/delayed UK:IAG -5.69% each rallied over 7%. Rival Ryanair /zigman2/quotes/202851567/delayed UK:RYA -4.19% forecast a loss and said it would cut 3,000 staff jobs.
Crude-oil futures /zigman2/quotes/211629951/delayed CL.1 +3.84% rallied as data showed fewer rigs in operation, giving a lift to oil giants BP /zigman2/quotes/202286639/delayed UK:BP +1.82% and Royal Dutch Shell /zigman2/quotes/206428183/delayed UK:RDSA +1.68% .
The FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.31% rose 2.4% in midday trade, with 90 components advancing.
The strong gains in the FTSE 100 were matched in other major European markets. Read Europe Markets.