Stocks around the world whipped higher Wednesday, riding a wave of optimism on encouraging data about a possible treatment for COVID-19.

The upswell of hope was so strong that investors completely sidestepped a report showing the coronavirus outbreak drove the U.S. economy to its worst quarterly performance since the Great Recession. The Standard & Poor’s 500 index jumped 2.7%, extending a rally that has brought the U.S. stock market to the brink of its best month in 45 years.