Stocks were already headed for a higher opening on Wall Street on Monday when a drug company announced encouraging results in very early testing of an experimental coronavirus vaccine.

The S&P 500 rose 0.4% after falling 1.3% earlier in the day as investors weighed more grim data showing how badly the coronavirus pandemic is crippling the economy.

Analysts say they expect the market to remain in a wait-and-see approach for weeks as investors gauge how economic reopenings underway are going.

Jerome Powell’s grim statement is a sharp departure from the economic optimism that President Trump and some senior administration officials have expressed in recent days.

Investors are cautiously optimistic that the gradual reopening of some businesses will begin to turn around the economy.

Energy stocks also help steady the market after the price of oil pulled a bit further from the record lows set late last month.