Wall Street’s rally got back on track Monday, while gold rushed to a record at the start of a week packed with potentially market-moving events.
The S&P 500 rose 0.7% to more than recover all its losses from last week, as Apple and other tech giants returned to their winning ways. Nervousness was still hanging over markets, though, and gold briefly topped $1,940 per ounce for the first time.
So far, profit reports have been better than Wall Street forecast, though still far weaker than a year earlier because of the recession. Companies that have reported results topping expectations, though, have been getting a smaller bump than usual versus the rest of the market the following day, analysts wrote in a BofA Global Research report.
Worries about an uptick in layoffs across the country also hurt stocks last week, as businesses close down again amid rising coronavirus counts across much of the Sun Belt. An extra $600 in weekly unemployment benefits from the U.S. government is set to expire soon, and Congress is still arguing about how to offer more aid for the economy.
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