Stocks surge 7% on signs new virus deaths could be slowing
NEW YORK — A worldwide rally gained steam on Wall Street Monday, propelling major indexes up more than 7%, as traders cheered glimmers of hope that the deadliness of the coronavirus outbreak could be slowing in some of the hardest-hit areas.
New York’s governor said the rate of increase of deaths could be approaching a plateau, but he cautioned it was far too early to say the worst had passed.
European and Asian markets also rose.
Bond yields rose as investors became somewhat less pessimistic about prospects for the economy.
The price of oil fell after a meeting between big producers about cutbacks was postponed.