The Dow soared 101 points higher to 26,571, as the S&P 500 gained 24 to 3,239.
The NASDAQ was up 180 points to 10,542.
All on hopes for solid earnings this week from the likes of McDonald’s, Pfizer, Alphabet, Apple, and Advanced Micro Devices. There’s also hope lawmakers can produce another coronavirus stimulus package. In fact, just yesterday, Treasury Secretary Steven Mnuchin said Republicans finalized a bill for about $1 trillion in relief funds.
However, Jefferies Chief Economist Aneta Markowska warned there “is still a wide gap between the GOP and Democrats, especially on unemployment benefits and state and local gov’t aid. Closing the gap will probably take more than a week, which means that an agreement is unlikely to be reached before July 31,” as quoted by CNBC.
Gold Prices Could Hit $2,000 Soon
At the moment, the metal is up to $1,941 after gaining $40 on economic fears, the coronavirus, tensions with China, and upcoming U.S. elections.
“The main driver behind gold’s rally has been falling returns on US government bonds, which reflect the likelihood that the Federal Reserve will have to keep interest rates lower for a prolonged period of time to support the economic recovery, according to Hussein Sayed, chief market strategist at FXTM,” as quoted by CNN.
The Biggest Winners and Losers of the Day
Shares of Moderna (MRNA) were up nearly 10%, or $6.80 on the day. All after the company announced another $472 million commitment from the U.S. government to develop a vaccine. According to SVB Leerink analysts, that commitment will be used to fund a Phase 3 trial for Moderna’s vaccine, which is “set to begin immediately,” as quoted by MarketWatch.
Sogou Inc. (SOGO) jumped 48% on the day after announcing it received a letter containing a preliminary non-binding proposal from Tencent Holdings Limited for Tencent to acquire all of the outstanding ordinary shares, including ordinary shares represented ADS that are not already owned by Tencent or its affiliates for $9.00 in cash per ordinary share or ADS.
Carnival Corp. (CCL) fell more than 5% to $14.02 thanks to coronavirus fears, and on potential concerns ships won’t return to sea this year as hoped.