For anyone else who, like me a moment ago, doesn't know the meaning of ** but is curious: it's how many (but not all) programming languages express "to the power of", aka 2**1000 = 2^1000
BCD, actually, given that Fortran dates from the mid-1950s. EBCDIC only appeared more or less around Fortran IV, in the early 1960s. Many printers in those days had a 48-character chain/train. After upper-case letters, digits, and a few essential punctuation marks (like . and ,), you weren't left with many options. The 60-character set of PL/I was a luxury back then, let alone lower case.
Oh, I interpreted "a function for exponentiation" as being part of a list of things C uses ^ for. It didn't even occur to me that the sentence had an alternative parsing where it was part of a list of things C uses. C does indeed use a function for exponentiation. And time flies like an arrow!
The reason for using `**` is that `^` is widely used for bitwise exclusive-or. So commonly `2**1000 != 2^1000`!