Stocks move higher around the world following an encouraging but preliminary report on a possible treatment for COVID-19.
A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, April 29, 2020. Asian stock markets gained Wednesday after France and Spain joined governments that plan to ease anti-virus controls and allow businesses to reopen.
Gains were widespread across markets, and big tech and communications stocks did some of the heaviest lifting after Google’s parent company said its revenue was stronger than Wall Street was expecting. But stocks have been rallying over the last month as investors look toward the prospect of economies gradually reopening around the world. Some U.S. states and nations around the world have laid out plans to relax restrictions keeping people at home and businesses bereft of customers. A drug treatment for COVID-19, which has killed more than 217,000 worldwide, would help life inch back toward “normal.
Google’s parent, Alphabet, jumped 7.5% after it reported better revenue for the first three months of the year than Wall Street expected. That helped communications stocks in the S&P 500 rise 4.3%, the biggest gain among the 11 sectors that make up the index. It also raised optimism about digital-advertising trends in Facebook’s earnings report, which is scheduled for after the market closes Wednesday. Facebook rose 5.
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