U.S. stocks soared Friday to close out a second straight week of gains, with investors optimistic that the coronavirus-hit U.S. economy could soon be reopening.
The Dow Jones Industrial Average climbed about 3% while the S&P 500 rose 2.7% and the Nasdaq Composite added 1.4%.
European and Asian stock markets also rose as U.S. President Donald Trump announced plans late Thursday to gradually restart the economy.
London's FTSE index gained 2.8% Friday. The DAX in Frankfurt rose 3.1%, and the CAC-40 in Paris was up 3.4%.
The reports of a potential drug treatment for the COVID-19 disease from U.S. drug maker Gilead Sciences Inc. also contributed to the positive reaction of stock markets.
University of Chicago Medicine researchers said Thursday they observed "rapid recoveries" in 125 COVID-19 patients taking Gilead Sciences' experimental drug remdesivir as part of a clinical trial.
Asian markets seemed unmoved by news the Chinese economy shrank during the first quarter of 2020, the first time in decades that has happened.
In Australia, the S&P/ASX 200 index closed 1.9% higher.
Japan's Nikkei index gained 3.15%, South Korea's KOSPI rose 3.2%, and India's Mumbai Sensex rose more than 3.2%. Taiwan's TSEC 50 Index and the Hang Seng in Hong Kong rose about 1.5% each, while Shanghai Composite Index in China was up less than 1%.
