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Wall Street: Stocks and gold rising

October 10, 2011 |  8:50 am

Wall Street
Gold: Trading now at $1,668 an ounce, up 2.0% from Friday. Dow Jones industrial average: Trading now at 11,360.94, up 2.3% from Friday.

Big Monday. Stocks are having a big day as investors grow encouraged about the rescue effort in Europe and financial data in the U.S.

Recession averted? Bloomberg thinks the good economic data of the last week is enough to say that a recession has been averted. 

Earnings season. Bank earnings season begins again this week, and the results are not expected to be good.

Lehman averted? A struggling Belgian bank was broken up in a surprisingly peaceful fashion over the weekend, averting what some thought would be a calamitous collapse.

Nail in the coffin. One of the last vestiges of Bernie Madoff's empire -- a trading division that had been sold off after Madoff's Ponzi scheme was exposed -- has now bitten the dust.

Paulson's bad year. For John Paulson, the hedge fund magnate who made billions of dollars betting against the subprime mortgage market, the bad news keeps coming -- one of his funds has lost almost 50% since the beginning of the year.

-- Nathaniel Popper in New York

Photo credit: Stan Honda / Getty Images