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Feb 2, 2021
NEW YORK (AP) Stocks closed higher on Wall Street Monday, recovering some of the ground they lost last week in their biggest weekly drop since October. The S&P 500 index rose 1.6%.
Investors large and small continued to focus on GameStop and other stocks targeted by online traders hoping to inflict damage on hedge funds. Investors are watching negotiations in Washington over President Joe Biden’s proposed $1.9 trillion economic aid package. Hopes for aid, along with the Federal Reserve’s pledge to keep low-cost credit plentiful, have carried the S&P 500 and other major indexes to record highs.
The price of silver rose 9% as trading in the precious metal became another target for online investors seeking to go up against big Wall Street players. It was up as much as 10% earlier in the day to hit its highest price in eight years.