European stocks rally as U.S. bond yields fall; Stoxx 600 up 1.8%
European stocks closed sharply higher on Monday as global markets rallied on falling U.S. Treasury yields and positive news on the coronavirus vaccine front.
The pan-European Stoxx 600 ended the session up by 1.8%, with travel and leisure shares climbing 3.2% to lead gains as all sectors and major bourses entered positive territory.
The sharp rise for European markets comes as Treasury yields continue to retreat from their highs from last week. Equities had been under pressure over the last few weeks as rising yields made equities look less attractive to investors.
On Wall Street, stocks rose sharply as traders also monitored the bond markets. The House passed a $1.9 trillion Covid relief bill, the American Rescue Plan Act of 2021, early Saturday. The Senate will now consider the legislation.
Reference: CNBC
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