Japan's benchmark Nikkei 225 gained 1.3% to 18,808.53 while South Korea's Kospi gained 1.2% to 1,812.87. Hong Kong's Hang Seng added 0.7% to 23,907.52, while the Shanghai Composite jumped 1.7% to 2,814.09.
"We're running on raw optimism, maybe that's the best way to put it," said Randy Frederick, vice-president of trading and derivatives at Schwab Center for Financial Research. The S&P 500 climbed 175.03, or 7%, to 2,663.68, and nearly all the stocks in the index were higher. It more than recovered all its losses from the prior week, when the government reported a record number of layoffs sweeping the economy.
"It's not unusual, if you look back historically, within bear markets to have rallies," Richardson said. "I wouldn't take the uptick over the last two weeks as a sign of a bottoming or a sign of upside recovery from here on out. There's still a lot of uncertainty to get through even as we're hopefully nearing the peak in terms of new coronavirus cases."
Japan is set to announce a 108 trillion yen package to support the world's third-largest economy, including cash handouts to needy families and help for small businesses. The plan is due to be outlined Tuesday, when Prime Minister Shinzo Abe is expected to announce a state of emergency that will ramp up precautions meant to curb the rapid spread of the virus.
The stock markets appear to be controlled by complete morons
Wait until this afternoon...
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