U.S. Stocks Rise on Earnings Reports, Hopes for Economic Stimulus
U.S. stocks were in the green intraday Monday as investors gear up for big earnings reports this week and another possible stimulus relief package.
This week, the highly anticipated earnings will come from tech giants Facebook Inc., (Nasdaq: FB), Apple Inc. (Nasdaq: AAPL), and Alphabet Inc. (Nasdaq: GOOGL). Meanwhile, CNN reports, Senate Republicans are set to unveil their approximately $1 trillion stimulus relief package on Monday afternoon. The proposal will include $105 billion for schools, $16 billion for new testing, and the second round of stimulus relief to individuals and families.
The Market Strikes Gold
By midday, the Dow Jones gained 107 points, the Nasdaq Composite added 94 points and the S&P 500 rose 14 points. But that's not all: Gold set a new all-time high Monday at $1,944 an ounce, surpassing the previous record of $1,921 set in 2011, as reported by TheStreet. As a result, stocks in gold miners enjoyed some nice boosts today. Intraday, Barrick Gold Corp. (NYSE: GOLD) rose nearly 5% to $29.76 per share and Newmont Corp. (NYSE: NEM) gained 4% to $69.39 per share.
"I guess the question is now, will we hit $2,000 before the week's end," said Stephen Innes, chief global market strategist at AxiCorp.
He added, "China's retail market could push it there. With concerns about further pandemic-related lockdowns, the U.S. dollar decline, real rates continuing to plummet, and rising U.S.-China tensions, it is the entire list of fundamental drivers to get us there getting delivered up in one package today."
Moderna Begins Phase 3 Covid-19 Trial
Another big winner today was the biotech firm Moderna Inc., (Nasdaq: MRNA) which surged nearly 8% to $78.76 per share by midday Monday after the company said it dosed its first patient in the Phase 3 trial, which will enroll up to 30,000 people for its Covid-19 vaccine candidate. The federal government's Biomedical Advanced Research and Development Authority is funding $472 million to support the trial, in addition to the $483 million it gave the Massachusetts-based firm in April.
A big loser today was the toy board game company Hasbro, Inc., (Nasdaq: HAS) whose stock plummeted nearly 8% to $71.73 per share after reporting wider than anticipated losses in the second quarter because of store closures and product shortages.
On Thursday, Apple, Alphabet and online retail giant Amazon.com Inc. (Nasdaq: AMZN) will host conference calls to discuss earnings.
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