European stocks extend rally to fresh all-time highs

European stocks rose on Wednesday, to jump to all-time highs and continue their rally for the third straight day, thanks to a global risk-on move, especially at Wall Street after official data showed a slowdown in new cases of the coronavirus in China.

The Stoxx Europe 600 index was higher by 0.5% at 11:25 GMT, reaching its all-time high of 430.80 points, as it also closed higher by 0.9% yesterday, in its second daily gain following record gains at Wall Street.

The European pan index opened today's session higher, jumping to its all-time highs and continued rising for the third straight day, with most of the major European exchanges and sectors rising today.

The automobile sector saw the largest gains in Europe today, rising more than 1.6%, after the fears eased over the coronavirus outbreak in China.

S&P 500 futures rose 0.3% today, after the index closed higher by 0.2% yesterday at Wall Street, posting its second consecutive daily gain and the record high of 3,375.63.

 Reuters reported that the National Health Commission of China today revealed that the coronavirus has infected 2,101 new cases, which is the lowest number of new cases since Jan. 30, and the virus claimed 97 victims.

Back to Europe, the Euro Stoxx 50 index added 0.5%, France's CAC 40 rose by 0.4%, and the UK's FTSE 100 rose by 0.4%.

While the German DAX surged by 0.8%, leading gains in Europe, and reached its all-time high of 13,747.58 points.