Jim Cramer: Covid Case Peak Optimism Is Driving Markets Higher

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While there are plenty of headlines to grab an investor's attention Monday, the coronavirus continues to top Jim Cramer and the market's mind. 

Stocks are on the rise Monday in intraday trading 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 on tech earnings and a Federal Reserve meeting.

Gold jumped to a record $1,944 an ounce 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. Gold prices have gained 27% so far this year.

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.

And, of course, there’s earnings.

This week we're hearing from Apple, Amazon and Facebook as well as a slew of others. Oh, and the Federal Reserve is expected to meet, too.

So, with all of that, what’s Cramer watching, specifically?

Watch the video above for more.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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