Global equity benchmarks gained on Thursday following signs that governments and central banks are taking additional steps to bolster their economies as measures to slow the spread of the COVID-19 pandemic appear to be working.
Oil futures surged again on expectations that Russia and OPEC countries were prepared to cut production, though investors were hesitant to move out of the perceived safety of government bonds.
MSCI’s gauge of stocks across the globe gained 1.90% following broad gains in Europe and Asia.
On Wall Street, the Dow Jones Industrial Average rose 520.36 points, or 2.22%, to 23,953.93, the S&P 500 gained 56.51 points, or 2.05%, to 2,806.49 and the Nasdaq Composite added 133.05 points, or 1.64%, to 8,223.95.
The S&P 500 is up more than 10% since the start of the holiday-shortened week.
The euro gained against the dollar on hopes euro zone finance ministers would agree on more support for their coronavirus-hit economies.
Benchmark 10-year notes last rose 1/32 in price to yield 0.7603%, from 0.764% late on Wednesday.
The Organization of the Petroleum Exporting Countries and its allies, including Russia – a group known as OPEC+ – are set to convene a video conference meeting on Thursday.
Hopes of an agreement to cut 10 million to 15 million barrels per day (bpd) rose after media reports suggested Russia was ready to reduce its output by 1.6 million bpd.
U.S. crude rose 6.74% to $26.78 a barrel. Brent crude rose 4.26% to $34.24 per barrel.