The markets rallied again taking some solace from early signs that the worst of the coronavirus outbreak may soon be over.
Stock markets around the world were all in the green again after yesterday’s gains.
The FTSE 100 carried on where traders left off, rising another 2.19% to 5704.45, while the FTSE 250 made even greater gains up 5.11% to 15568.96.
Travel and retail companies shrugged off poor performance to take a place among the largest gainers. EasyJet rose more than 15%, while IAG, owner of British Airways increased 7%.
“Equities are still racing higher, as the news from key countries like Spain and Italy remains positive,” said IG analyst Chris Beauchamp.
Airline flies high
In New York, the Dow Jones nudged up 2.69|% to 23289.39, followed by the NASDAQ, which reached 1.80% higher to 8055.55.
The S&P 500 in Chicago also posted an increase – 2.33% up to 2725.84.
Big risers included Royal Caribbean Cruises, jumping more than 30%, while American Airlines was up more than 25%.
Markets across Europe also showed signs of confidence.
In Paris, the CAC 40 closed at 4438.27, up 2.12%, while in Frankfurt, the DAX ended the day at 10356.70, a rise of 2.79% and the IBEX in Madrid registered a rise of 2.3% to 7002.00.
Earlier in Asia, the Hong Kong Hang Seng closed 2.12% up, at 24253.29 and the Nikkei in Tokyo climbed 2.01% to 18950.18.
The Pound rose 0.81% against the US Dollar to $1.23 and 0.58% against the Japanese Yen to ¥134.334. The news was not so good against the euro, with a 0.15% drop in Sterling to €1.13.
Coronavirus exit strategy
Oil prices showed little movement in anticipation of the Saudi/Russi showdown on Thursday when the leaders of OPEC+ meet.
Brent finished the day 1.54% down at $32.54 a barrel.
The next hurdle for investors to jump is the coronavirus lockdown exit strategy.
“Investors are reacting to indications that lockdown measures in the UK, US and Europe are beginning to ‘flatten the curve’ of coronavirus infections and fatalities,” said Russ Mould, investment director at AJ Bell.
However, he added: “The market’s relief is only likely to last so long, and attention will soon turn to how countries intend to exit the current containment measures which have in effect hit the pause button on the global economy.”