European stocks up amid US plans to revive economy

US, WASHINGTON (ORDO NEWS) — European stocks rose Friday after Donald Trump announced recommendations for a gradual recovery in the economy and reports of a potential cure for COVID-19 caused by coronavirus.

The pan-European STOXX 600 index rose 2.78% to 10:18 UTC, German DAX went up 3.26%, and French CAC rose 3.18%.

All major sub sectors also rose, with mining stocks up 4.1% amid rising commodity prices.

US President Donald Trump on Thursday made new recommendations for phasing the US states out of quarantine in three stages in order to revive the country’s economy, which continues to fight the pandemic.

Gilead Sciences shares rose 16% on Thursday after media reports of partial test results of the experimental drug Remdesivir in severe patients with coronavirus.

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