Stocks climb as market appetite improves over lowest reported new virus cases

Global equity markets reached new highs as China reported the lowest new cases in two weeks. Investors hope for a shift in the market as Chinese medical adviser says virus can be contained in a few months.

Total confirmed cases rose to 44,653, with 2,015 new cases reported, the lowest since Jan. 30. The report eased worries on the global impact of the virus on economies.

The dollar reached more than a two-year high against Euro as investors focused on U.S. stocks.

Crude prices climbed over virus slowdown, stirring hopes for a recovery in demand in the second-largest market of oil consumption.

U.S. Treasury Secretary Steven Mnuchin said that the economic impact of the coronavirus spread will not last beyond 2020.

The revival in investors’ appetite was also caused by a growth in corporate earnings and global economic recovery.

Stock indexes gain new highs, such as MSCI’s world index, Canada’s S&P/TSX, Germany’s DAX, New Zealand’s S&P/NZX 50, pan-European STOXX 600, and three major Wall Street gauges.

• MSCI was up 0.57%.
• Pan-European STOXX 600 gained 0.63%.
• DAX climbed 0.89%.
• Dow Jones Industrial Average added 0.94%, or 275.08 points, to 29,551.42.
• S&P 500 rose 0.65%, or 21.7 points, to 3,379.45.
• Nasdaq Composite increased 0.9%, or 87.02 points, to 9,725.96.

Brent crude gained $1.78, at $55.79 per barrel. West Texas Intermediate was up $1.23, at $51.17 per barrel.

U.S. gold futures traded at 0.1% higher, at $1,571.60 an ounce.

Overnight, Chinese and Hong Kong shares climbed 1%. Yuan reached a two-week high in offshore trade. Thai baht, Korean won, and Taiwanese dollar rose 0.3% to 0.5%.