U.S. stocks rallied as investors saw glimmers of optimism in efforts to deliver rapid testing for the new coronavirus. The dollar rose.
The S&P 500 Index climbed for the fourth time in five days, rising 17 per cent over the last week, with health-care shares among the biggest gainers. The Nasdaq 100 advanced nearly 4 per cent, leading the rebound among benchmarks from Friday’s losses. Abbott Laboratories surged after unveiling a five-minute COVID-19 test and Johnson & Johnson announced a vaccine candidate for the virus.
The S&P/TSX composite index rose 350.76 points, or 2.76 per cent, to 13,038.50.
Crude fell more than 5 per cent even after Trump spoke with Russia’s Vladimir Putin about falling oil prices. The 10-year Treasury yield rose, while the dollar was on course to snap a four-session losing streak. Gold dipped.
Investors are grappling with the reality that the world’s biggest economy will stay crippled