European stocks jump to 10-month peak on US stimulus

European stocks rose on Monday, and hit a 10-month high, on track for the fourth straight daily gain, thanks to strong market sentiment after the US passed a new fiscal stimulus package.

The Stoxx Europe 600 index rose 0.7% as of 11:47 GMT, and hit the highest since February 398.88 points, at after it closed higher by 0.1% on Thursday in the third straight daily gain.

Stoxx Europe index ended last week flat, as investor were parsing the developments of the second Covid-19 wave and the trade negotiations between Britain and the European Union.

 The pan European index opened higher today, extending its gains for the fourth straight day, and hit a 10-month high with most of the major European markets and sectors seeing green.

The automotive sector saw the largest gains in Europe today, rising over 1.5%, after most of the sectors' shares rose.

US President Donald Trump on Sunday signed the new $2.3 trillion aid package, which is divided into $900 billion in stimulus checks and a government funding package of $1.4 trillion to ease the coronavirus impact.

The US Congress passed the fiscal aid package on Tuesday, after months of talks between the US Democratic and Republican parties.

S&P 500 futures rose 0.7%, after the index closed higher by 0.35% on Thursday at Wall Street, and posted its second straight daily gain.

Back to Europe, the Euro Stoxx 50 index rose 1%, France's CAC 40 rose 1.2%, and Germany's DAX rose over 1.5%.