By Steve Goldstein, MarketWatch
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 /zigman2/quotes/210599654/delayed XX:SXXP +0.68% climbed 2.2%, and the German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.65% , French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.89% and U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.87% also jumped.
The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.62% shot up 1627.46 points, or 7.73%, on Monday, and futures on the blue chip index /zigman2/quotes/210407078/delayed YM00 +0.55% rose another 600 points.
Beaten-up stocks from the pandemic surged. Movie-chain operator Cineworld Group /zigman2/quotes/206525056/delayed UK:CINE -2.47% , which halted its dividend, jumped 44%, and cruise-ship operator Carnival /zigman2/quotes/210414141/delayed UK:CCL +1.71% climbed 23%. Both companies have dropped 78% this year.
Two of Europe’s better-performing stocks this year struggled, with diagnostics-test maker bioMerieux /zigman2/quotes/206867731/delayed FR:BIM -1.00% and prepared-food-kit maker HelloFresh /zigman2/quotes/209850698/delayed DE:HFG -0.59% 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 U.S. The news on the virus front wasn’t entirely positive, as Japan declared a state of emergency in seven prefectures.
As the virus outbreak continues, U.S. lawmakers are considering another stimulus package that could be worth more than $1 trillion, according to The Washington Post .
The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD +0.2754% 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.