Stocks rally on new coronavirus support measures

Global stocks and the price of oil rose, while the US dollar’s rampant advance went into reverse, after a flurry of central bank support in response to the coronavirus outbreak sent markets sharply higher. European markets were on track to record a second consecutive day of gains, although they could not hold on to early gains of more than 5 per cent. London’s FTSE 100 was up 2 per cent, while the composite Stoxx Europe 600 rose 2.9 per cent. The regional benchmark has recovered more than 10 per cent off its lows this week, but has still lost more than a third of its value since pandemic fears rushed through global markets one month ago.