Stocks rallied on Wall Street Monday as investors became hopeful that more progress was being made in getting countries past the worst of the coronavirus pandemic.

The S&P 500 jumped 3.2%, erasing its losses from last week. Investors welcomed signs that European countries were taking more steps to lift lockdowns.

They were also cheered by word from a drug company that it had encouraging results in very early testing of an experimental coronavirus vaccine.

Over the weekend, Federal Reserve Chair Jerome Powell expressed optimism that the U.S. economy could begin to recover in the second half of the year.

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