And the Dow is up 3% in intraday trading.
Stocks were rising sharply Monday after Federal Reserve Chairman Jerome Powell expressed optimism the country can begin to rebound in the second half of 2020, and a coronavirus vaccine candidate from Moderna (MRNA) - Get Report showed positive results in early-stage trials.
"The big thing we have to avoid," said Powell, in an interview with CBS News' "60 Minutes" on Sunday, "is a second wave of the virus."
The Fed chief said the recovery process could run through to the end of 2021 - "it'll be awhile before we really feel well recovered," he said, and then added that the only path to a sure recovery will be a vaccine.
“For the economy to fully recover people will have to be fully confident, and that may have to await the arrival of a vaccine,” he said.
Moderna said results from the first human trial of its experimental coronavirus vaccine showed it could create an immune response in patients. The findings were based on results from the first eight people who received the vaccine.
"We're not overbought," said Jim Cramer. Cramer added that the possibility of the rally continuing all depends on each day's catalyst.
What catalyst is Cramer watching most closely? Retail earnings.
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