'If There Ever Was a Week to Pay Attention, This Is Likely the One'

Rally resumes ahead of 2-day Fed meeting
By Newser Editors and Wire Services
Posted Jul 27, 2020 3:38 PM CDT
Market Rally Resumes Ahead of Busy Week
A man wearing a face mask and a shield walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Monday, July 27, 2020. Asian stock markets were mixed Monday amid US-China tensions.   (AP Photo/Vincent Yu)

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, the AP reports. Nervousness was still hanging over markets, though, and gold shot up to touch its highest price ever. The S&P 500 climbed 23.78 points to 3,239.41. The Dow Jones Industrial Average rose 114.88, or 0.4%, to 26,584.77, and the Nasdaq composite gained 173.09, or 1.7%, to 10,536.27. "If there ever was a week to pay attention, this is likely the one," Kevin Giddis, chief fixed income strategist at Raymond James, wrote in a report.

"There is as much going on for the markets as there has been since the crisis began, and almost all of it has some potential meaning on the future of the US economy," Giddis wrote. At the head of the pack is a two-day meeting for the Federal Reserve on interest rates that begins Tuesday. The Fed helped end the market’s sell-off in March, catapulting it into a tremendous rally, after promising to keep interest rates at record lows and to hoover up a wide range of bonds to support the economy. Investors are waiting to hear what the Fed says this week about the economy’s prospects and what it plans to do on interest rates. This week is also a busy one for corporate earnings, with more than a third of the companies in the S&P 500 scheduled to report how they fared from April through June.

(More stock market stories.)

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