Stocks rose Monday and gold surged to an all-time high amid a worsening relationship between the U.S. and China and as Wall Street prepared for a week heavy of tech earnings and a Federal Reserve meeting.
And Gold jumped to a record $1,944 an ounce intraday as investors sought the safety of the precious metal as tensions rose between Washington and Beijing and as optimism over a recovery from the coronavirus pandemic waned.
This followed stocks in the U.S. declining last week after the Trump administration ordered China to close its consulate in Houston, and Beijing in turn ordered the U.S. to vacate its consulate in the southwestern city of Chengdu.
Doubts about an economic recovery also have been growing as a spike in coronavirus infections again has forced many businesses to close. Meanwhile, a $600 weekly supplement to jobless benefits ends this week and Congress has yet to agree on another coronavirus relief bill. Republicans are expected to release their proposal for the next coronavirus relief bill Monday.
So, what should we expect to hear from the Federal Reserve when they meet later this week?
Jim Cramer said, "nothing."
He notes that the Fed has done "everything they can" and besides from hearing about a little bond-buying activity, Cramer just wants them to remind us that they're here if we need them.