20.05.2020 Dow Jones Daily Analysis

20.05.2020 Dow Jones Daily Analysis

The US stock closed mostly red on Tuesday with the Dow Jones Industrial Average index wiping 390.51 points and closing at 23202.86. This came about after a report that Moderna's vaccine for the coronavirus, that's been giving economists and investors hope, cast doubt on the race to a vaccine for the coronavirus. Also, Federal Reserve Chair Jerome Powell and US Treasury Secretary Steven Mnuchin testified before a special Congress committee and this left mixed reactions across the broader market. Mr. Powell suggested that lawmakers need to do more to support the economy that's being faced with a recession. “As a society, we should do everything we can to provide relief to those who are suffering for the public good,” Powell said. However, the stock market is looking at an improvement on Wednesday as investors look forward to quarterly results from Target and Lowe's retailers and for the minutes from the Federal Reserve's most recent policy meeting.