US stocks rebound from last week's sell-off ahead of Fed's key policy meeting
- US stocks gained on Monday, rebounding from last week's losses.
- The move higher in stocks comes as investors await the Fed's key policy meeting at Jackson Hole on Friday.
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US stocks rebounded from last week's losses and moved higher on Monday, ahead of a key policy meeting from the Federal Reserve.
Fed Chairman Jerome Powell and Fed governors are set to meet for their annual Jackson Hole meeting on Friday, though the event has been changed to virtual format following the recent surge in COVID-19 Delta cases.
Top of mind for investors is the Fed's move to potentially begin tapering its monthly bond purchases. Recent Fed minutes from July's meeting had signal led that it may begin tapering its $120 billion of monthly bond purchases before year-end.
Here's where US indexes stood shortly after the 9:30 a.m. ET open on Monday:
- S&P 500: 4,468.13, up 0.6%
- Dow Jones Industrial Average: 35,338.57, up 0.62% (218.49 points)
- Nasdaq Composite: 14,820.41, up 0.71%
Cryptocurrencies surged on Monday, with bitcoin topping the $50,000 level for the first time in three months. Meanwhile, cardano surged to a fresh all-time high, just below $3, and became the third largest cryptocurrency in the world by market value.
PayPal is looking to expand its presence in the crypto space, and will now allow customers in the UK to buy, hold, and sell four digital tokens. Those tokens are bitcoin, ethereum, litecoin, and bitcoin cash.
Richard Branson is continuing his SPAC spree with new plans to bring Virgin Orbit public. The deal will value the satellite-launching company at $3.7 billion. Virgin Orbit was previously spun off from Virgin Galactic.
Shares of Trillium Therapeutics soared as much as 200% on Monday after Pfizer agreed to acquire the oncology company for $2.3 billion.
Oil prices jumped. West Texas Intermediate crude was up as much as 4.17%, to $64.73 per barrel. Brent crude, oil's international benchmark, rose 3.96%, to $67.76 per barrel.
Gold jumped as much as 1.25%, to $1,806.30 per ounce.