Stocks surge at open as virus drug hopes hold more sway than biggest contraction in economy in 12 years

U.S. stocks jumped 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.

Canada’s main stock index opened higher on Wednesday, helped by a rise in oil prices and the easing of coronavirus-driven lockdowns in some countries.The Toronto Stock Exchange’s S&P/TSX composite index was up 233.93 points, or 1.58 per cent, at 15,032.22.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 per cent in two sessions.

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The virus is a bad flu that targets the extreme elderly.

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