Shares of industrial and transportation companies rallied after the Food and Drug Administration indicated it was close to approving Johnson & Johnson's Covid-19 vaccine candidate.
In another encouraging sign, Federal Reserve Chairman Jerome Powell tamped down worries about inflation and interest-rate policies. Mr. Powell indicated that policy adjustments remained a long way off, and that the central bank would clearly signal intentions in advance.
Economic activity will pick up as the pandemic recedes and Americans are vaccinated against Covid-19, but the recovery will be gradual rather than sudden, said Jared Bernstein, a member of the White House Council of Economic Advisers, at a Wall Street Journal Executive Membership Series event.
Shares of Fisker rose after the electric-vehicle maker struck a deal with electronics manufacturer Foxconn Technology Group to produce up to 250,000 vehicles a year at a yet-to-be-determined location.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-24-21 1707ET
