The close: Stocks surge as investors gain confidence in post-pandemic economic revival [Toronto Globe and Mail (Ontario, Canada)]
Gilead Sciences, Inc. (GILD)
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Source: Toronto Globe and Mail
The close: Stocks surge as investors gain confidence in post-pandemic economic revival A powerful recovery in global stocks escalated on Wednesday, a sign that investors are gaining confidence in a post-pandemic economic revival. With governments around the world starting to ease social and economic restrictions, hope for a return to normalcy received a boost on Wednesday with reports of progress in the effort to develop COVID-19 treatments. Benchmark stock indexes in the United States and Canada gained 2.7 and 2.9 per cent on the day, respectively, bringing the total gains since the market bottomed out last month to a whopping 31 per cent for the S&P 500 index, and 37 per cent for the S&P/TSX Composite Index. The rally has so far been unfazed by leading indicators that increasingly suggest the global economy is in the midst of a contraction for the ages. “The gap between markets and economic data has never been larger,” Matt King, a credit strategist at Citigroup, wrote in a note. Th
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