New York, Jul 27 (AP) Wall Street is resuming its rise on Monday, while gold rushes to a record at the start of a week packed with potentially market-moving events.

The S&P 500 was 0.5% higher in afternoon trading following mixed, modest moves for stocks overseas. Nervousness was still hanging over markets, though, and gold shot above $1,940 per ounce to touch its highest-ever price. Treasury yields also remain close to their lowest levels in months.

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The Dow Jones Industrial Average was up 90 points, or 0.3%, at 26,560, as of 12:45 p.m. Eastern time, and the Nasdaq composite was up 0.9%.

“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.

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“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.”

At the head of the pack is a two-day meeting for the Federal Reserve on interest rates that begins Tuesday.

The Fed helped catapult markets higher in March, with the S&P 500 erasing nearly all of its earlier 34% drop, after promising to keep interest rates at their record lows and to buy a wide range of bonds in order to support the economy.

Investors this week are waiting to hear how the Fed sees the economy progressing in upcoming months, as well as 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 form April through June.

So far, profit reports have been better than Wall Street was expecting, though still far weaker than a year earlier because of the recession. Companies that have reported results topping analysts' expectations, though, have been getting a smaller bump than usual versus the rest of the market the following day, BofA Global Research analysts wrote in a report.

What's more important, the analysts say, is what CEOs and companies say about their prospects going forward, rather than how they did over the last three months.

Several of the market's most influential companies are scheduled to report this week, including Amazon, Apple, Facebook and Google's parent company.

These four companies alone make up nearly 16% of the S&P 500 by market value, which gives their stocks' movements outsized influence on the index.

Such stocks have cruised higher through much of the pandemic on expectations that they can continue to grow regardless of whether the economy is quarantined.

But critics say their stocks have bubbled up too high, even after accounting for the huge profits that the companies produce.(AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)