Dow jumps more than 900 points on Monday
News about a possible coronavirus vaccine gave the markets a jolt
May 18, 2020 - 4:50pm
The Facts Inside Our Reporter’s Notebook
The Dow Jones Industrial Average on Monday surged 911.95 points amid positive news about a possible coronavirus vaccine.
The S&P 500 and Nasdaq on Monday rose 3.2 percent and 2.4 percent, respectively.
Clinical trials by the pharmaceutical firm Moderna for a possible coronavirus vaccine yielded promising results giving the company's own stock a boost while also providing a boost for much of the market.
Federal Reserve Chairman Jerome Powell during a CBS's "60 Minutes" aired Sunday night said that the Fed can do more to help bolster the nation's floundering economy.
"Well, there's a lot more we can do," he said. "We've done what we can as we go. But I will say that we're not out of ammunition by a long shot. No, there's really no limit to what we can do with these lending programs that we have," Powell said according to a transcript. "So there's a lot more we can do to support the economy, and we're committed to doing everything we can as long as we need to."
Even as parts of the country move toward reopening, the coronavirus pandemic and related lockdowns have already inflicted significant damage to the U.S. economy, causing a massive surge in unemployment over a a brief span of time.
Powell expressed confidence that the nation's economy will rebound, though he said it could take time.
"It could stretch through the end of next year. We really don't know. We hope that it will be shorter than that, but no one really knows," Powell said.
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