Stocks are rallying

Stocks are staging a comeback on Monday after Friday’s big sell off.

Near 10:10 am ET on Monday, the Dow was up 213 points, the S&P 500 was up 17 points, and the Nasdaq was up 40 points.

Every stock except one on the Dow closed negative Friday; and the S&P 500 and the Nasdaq fell by more than 1%. Stocks in Europe and China also tanked.

In addition to the rally in equities, metals, notably gold, were tumbling.

Gold fell by more than $US7 an ounce to as low as $US1194.90.

Here’s a chart showing the drop:

This week is also one of the busiest week of earnings season, with big names including Google and Coca-Cola set to report first quarter results.

On Monday morning, Halliburton reported that it swung to a loss in the first quarter, and revenues of $US7.1 billion, down from $US7.3 billion last year, beat expectations for $US6.89 billion. Excluding special items, it posted earnings per share of $US0.49, down from $US0.73 the previous year, and beating expectations for $US0.35.

And, Morgan Stanley posted a beat on the top and bottom line, with adjusted EPS of 85 cents per share (78 cents estimated) and revenue of $US9.9 billion ($US9.19 billion estimated.)

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