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 (STOXX:XX:SXXP) climbed 2.2%, and the German DAX (XEX:DX:DAX) , French CAC 40 (PAR:FR:PX1) and U.K. FTSE 100 (FTSE:UK:UKX) also jumped.
The Dow Jones Industrial Average (DOW:DJIA) shot up 1627.46 points, or 7.73%, on Monday, and futures on the blue chip index (CBT:YM00) rose another 600 points.
Beaten-up stocks from the pandemic surged. Movie-chain operator Cineworld Group (LON:UK:CINE) , which halted its dividend, jumped 44%, and cruise-ship operator Carnival (LON:UK:CCL) climbed 23%. Both companies have dropped 78% this year.
Two of Europe’s better-performing stocks this year struggled, with diagnostics-test maker bioMerieux (PAR:FR:BIM) and prepared-food-kit maker HelloFresh (FRA:DE:HFG) 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 (XTUP:GBPUSD) 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.