Dow futures soar 700 points on vaccine and bailout optimism: May 18, 2020

Futures for the Dow and the broader stock market are higher Monday morning, boosted by hopes for both a coronavirus vaccine and more monetary and fiscal stimulus.

Dow futures are about 750 points, or 3.2%, higher, while those for the S&P 500 — the broadest measure of Wall Street — are up 2.9%. Nasdaq Composite futures are up 2%.

Drug maker Moderna (MRNA) said it saw encouraging early data from the human safety trial of a potential Covid-19, which was green-lit by the Food and Drug Administration at the start of the month. The company’s shares were up nearly 38% in pre-market trading.

Meanwhile, Federal Reserve Chairman Jerome Powell said both the central bank, as well as Congress, might have to do more to get the US economy through the coronavirus recession during a Sunday night interview with CBS’ 60 “Minutes.”

Still, Powell was confident about the eventual recovery of the economy: “But I would just say this. In the long run, and even in the medium run, you wouldn’t want to bet against the American economy.”

This article originally appeared here