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July 7, 2020
NEW YORK — Stocks rallied worldwide on Monday as investors bet that the economy can continue its dramatic turnaround despite all the challenges ahead.
The S&P 500 rose 1.6%, following up on similar gains in Europe and Asia, and clawed back to within 6.1% of its record set in February. The headliner was China's stock market, which leaped 5.7% for its biggest gain since 2015, when it was in the midst of a bubble bursting. Treasury yields also ticked higher in a signal of growing optimism after reports showed improvements in the U.S. and European economies.
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