Stocks rally on quick economic revival hopes, oil slides

Stocks rally on quick economic revival hopes, oil slides

NEW YORK (Reuters) - Global equity markets surged on Monday, with the Nasdaq hitting a record high on hopes of a quick recovery from the coronavirus slump, while oil slid after Saudi Arabia said new output cuts by producer nations would not include extra cuts by three Gulf countries.. The New Zealand dollar rose to its highest in nearly four months after the government said it had stopped transmission of the coronavirus within the country.. Financial, automotive and retail-oriented and energy shares - the stocks most beaten-down since the pandemic slammed markets - have been leading equity indices higher recently.. "The majority of investors believe the road to recovery is " said Edward Moya, senior market analyst at currency dealer OANDA in New York.. Gold rose after a steep decline, boosted by hopes of a dovish monetary policy outlook from the Federal Reserve after the U.S. central bank ends a two-day meeting on Wednesday.. Oil fell after the Organization of the Petroleum Exporting Countries and others agreed on Saturday to sustain cuts agreed to in April that were equal to about 10% of global oil supply..