Global stocks and oil jumped and Treasuries sold off on Monday as progress in the development of a coronavirus vaccine lifted investor confidence in a world economic recovery.
On Wall Street, the Dow Jones Industrial Average rose 2.95per cent, the S&P 500 gained 1.17per cent while the Nasdaq Composite dropped 1.53per cent. E-mini futures for the S&P 500 rose 0.47per cent. Senator Mitch McConnell said in a speech that President Donald Trump was well within his rights to look into charges of election"irregularities" but did not offer any evidence of fraud.
The vaccine news also sent long-dated U.S. Treasury yields sky-rocketing in their biggest one-day jump since March. The yield curve, an indication of risk appetite, hit its steepest level since March.
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