NEW YORK (AP) — Stocks around the world jumped on Monday after some of the hardest-hit areas offered sparks of hope that the worst of the coronavirus outbreak may be on the horizon.

U.S. stocks climbed 4.5% in morning trading, following up on gains that were nearly as big in Europe and Asia. In another sign that investors are feeling more optimistic about the economy’s path, the yield on the 10-year Treasury rose toward its first gain in four days.

New coronavirus infections and deaths are showing signs of slowing in Italy, Spain and France. The center of the U.S. outbreak, New York, also reported a dip in the number of daily deaths, though authorities warned it’s too early to tell whether it’s just a blip or the start of a trend. The U.S. is still bracing for a surge of upcoming deaths due to COVID-19.