NEW YORK (AP) – Stock prices on Wall Street rebounded their uptrend on Monday, while gold set a record at the start of a week filled with events that could influence the market.
The S&P 500 Index rose 0.7% after Apple and other technology companies posted earnings again. However, nervousness was still present in the markets, and gold briefly exceeded $ 1,940 per ounce, its highest price in history.
The S&P 500 rose 23.78 points to stand at 3,239.41. The Dow Jones advanced 114.88, 0.4%, and closed at 26,584.77, while the Nasdaq compound gained 173.09 units, 1.7%, reaching 10,536.27.
“If there’s ever been a week to pay attention to, it’s probably this one,” wrote Kevin Giddis, head of fixed-income strategies at investment bank Raymond James, in a report. “There are many things going on that are of interest to the markets as there have been since the crisis began, and almost all of this has some potential significance for the future of the United States economy.”
The event that most attracts investors’ attention is a two-day meeting of the Federal Reserve on interest rates that will begin on Tuesday. The Fed helped end the negative streak in March, turning it into a tremendous uptrend, after promising to keep interest rates at record lows and acquire a wide range of bonds to shore up the economy. Investors are waiting to hear what the central bank says this week about the outlook for the economy and what it plans to do with interest rates.
Many earnings reports are also expected to be released this week: More than a third of S&P 500 companies are slated to report their performance from April to June.
Gold for August delivery gained an additional $ 33.50 and closed at 1,931.00 per ounce on Monday, after hours earlier it rose to 1,941.90. It is a one-day record for the best-selling contract.
All the uncertainty about the economy, the pandemic, and how long interest rates will remain near zero have helped boost the price of gold, making it the best performing investment in 2020.
The yield on the 10-year Treasury note rose slightly from 0.58% to 0.60%.
The benchmark US crude oil gained 31 cents and closed at $ 41.60 a barrel. Brent crude rose 7 cents to $ 43.41 a barrel.