The U.S. stock market is in for its best day in a month.
On Sunday, Federal Reserve Chair Jerome Powell declared that a full economic recovery would only happen with a vaccine. A day later, Moderna reported positive data and promising results of an early-stage coronavirus vaccine trial.
The market reacted favorably, dismissing the World Health Organization (WHO)’s bearish sentiment about risks remaining high, a “long road to travel,” and COVID-19 permanence.
At the time of this writing, the Dow Jones is up nearly 700 points, the S&P 500 surged 2.4% percent, and the Nasdaq rose 1.7 percent.
Ostensibly, investors are sick and tired of the bad news and are bullish on some good old optimism. Well, it also helps that the Fed Chair declared that its interventions are unlimited.
In other words, the strategy of money printer go brrr is here to stay during and after the coronavirus pandemic.
Bring on the freshly created dollars!
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