Markets

DAX Rallies On Coronavirus Treatment Hopes

(RTTNews) - German stocks rallied on Monday as the U.S. FDA announced emergency authorization of plasma treatment for Covid-19 and the Financial Times said the Trump administration is considering fast-tracking an experimental Covid-19 vaccine being developed by AstraZeneca Plc and Oxford University to return the economy closer to normalcy.

Investors shrugged off fears of a second wave of coronavirus in Europe, with Germany, France and Spain reporting highest number of cases since they left lockdown.

The benchmark DAX jumped 270 points, or 2.1 percent, to 13,035 after losing half a percent on Friday.

Cyclicals such as banks were moving higher. Commerzbank rose half a percent and Deutsche Bank was up 1.8 percent.

Automakers BMW and Daimler were up 1.4 percent and 2.2 percent, respectively.

Metro AG shares rose half a percent. The supervisory board of the company has approved the decision by CEO Olaf Koch to quit the retailer by the end of the year.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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