U.S. stocks advanced amid renewed hopes for a drug to fight the coronavirus, helping investors shrug off data showing the biggest economic contraction since 2008 in the first quarter. The dollar slipped.
The S&P 500 index climbed about 2% after Gilead Sciences Inc. said positive data had emerged from the trial of its potential treatment for the coronavirus. Big tech shares got a lift after Alphabet Inc. posted better-than-estimated sales.
The Stoxx Europe 600 index headed for a third straight gain. Italy’s bonds slipped after Fitch Ratings cut the nation’s assessment to the lowest investment grade. WTI oil futures rebounded after plunging 27% in two sessions.
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