Stocks rally on high hopes of possible COVID-19 vaccine
Updated: 2020-05-19 17:10:49 KST
U.S. stocks jumped on Monday on the hopes for a COVID-19 vaccine and the promise of more stimulus to revive an economy badly damaged by the pandemic.
The Dow Jones Industrial Average surged more than 911 points to close at just under 24,600.
The S&P 500 also jumped a little more than three percent, while the Nasdaq added around two-and-a-half percent.
The markets rallied on news that U.S. drugmaker Moderna reported positive early-stage results for a potential coronavirus vaccine.
Moderna saw its share price shoot up almost 20 percent.
Investors also have reacted to comments by Federal Reserve Chairman Jerome Powell over the weekend, pledging more monetary stimulus if necessary.
"The Fed's interview on '60 Minutes' Sunday night indicating that they have not run out of ammunition and that they will do whatever it takes. That was then buttressed by the news, positive news of a virus vaccination."
South Korean stocks gained on Tuesday mostly because of the news about a possible vaccine.
The KOSPI gained two-and-a-quarter percent to close at around 19-80.
The KOSDAQ fell in the morning, but closed point-eight percent higher at around 696.
The Korean won fell around 7 won to close at a little over 12-25 against the greenback.
Yoon Jung-min, Arirang News.