Global stock markets posted strong gains for a second straight session Tuesday as investors seized on signs of a slowdown in the spread of the coronavirus, while some governments began making plans to ease restrictions.
"Investors are betting that the coronavirus outbreak may have peaked and are ignoring the economic slump that we are in," said Fawad Razaqzada, an analyst with Trading Candles.
But Razaqzada also said he "wouldn't be surprised if the rally were to end abruptly because the economic impact of COVID-19 is going to be severe".
In the meantime, oil was energised by hopes that key producers will agree to cut output at this week's emergency OPEC+ video meeting, which will address virus-sapped demand and a price war.
Following on from gains in Asian and European equities, Wall Street also posted solid gains shortly after the opening bell, with the DJIA up more than 800 points.
"Equities are still racing higher, as the news from key countries like Spain and Italy remains positive," said IG analyst Chris Beauchamp. "Stocks continue to rally as investors look for the positives in the current global outlook."