Wall St. advances as small-time traders turn to silver
By Devik Jain and Medha Singh
Reuters
(Reuters) - Wall Street s main indexes climbed on Monday following a steep sell-off last week, as a shift in the retail trading frenzy to silver drove up mining stocks and investors monitored progress in talks over economic stimulus.
Nine of the 11 major S&P sectors advanced, with technology leading gains. Energy and consumer staples lagged the most.
The iShares Silver Trust ETF jumped 9.3% as silver broke above $30 an ounce for the first time since 2013 with an army of retail traders storming into the metal after betting billions of dollars on stocks last week.
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(Reuters) -The S&P 500 registered its biggest daily percentage gain since Nov. 24 on Monday after a steep sell-off last week, and technology-related shares led the advance, while a move by retail traders into silver drove up mining shares.
Investors also watched talks over the latest U.S. COVID-19 relief package.
The iShares Silver Trust ETF - the largest silver-backed ETF - jumped 7.1%. Silver prices climbed to an eight-year peak of just over $30 an ounce before paring gains.
U.S. small-cap miners Hecla Mining Co and Coeur Mining Inc surged.
Last week, retail traders drove big gains in companies such as GameStop Corp. GameStop was down 30.8% on Monday.
Vlad Tenev is likely to be made to explain his company s actions last week
The brokerage put limits on peoples trading and sold some customers shares
That led to accusations it was in the tank for hedge funds that had bet against GameStop after their shares rose more than 1,600 percent
Maxine Waters, the California Democrat who is the powerful head of the House Financial Services Committee, is likely to call Tenev on February 18
It comes as the leader of the Reddit army that poured into GameStop is said to have lost $5 million on his bet today as shares in the retailer dropped 31%
AMC Share Gains Evaporate as Reddit-Driven Rally Fizzles
Bloomberg 2/1/2021 Bailey Lipschultz and Paul Jarvis
(Bloomberg) AMC Entertainment Holdings Inc. and some other day-trader favorites saw their rallies fizzle at the start of the week as investors shifted their focus to other parts of the stock market.
After gaining as much as 30% earlier on Monday, AMC shares ended the session little changed and then tumbled as much as 17% in extended trading. The movie-theater chain, which has been hurt by Covid-related closures, gained 525% in January after announcing fresh financing that will help it avoid bankruptcy. BlackBerry Ltd., meanwhile, closed 3.8% higher at the end of a volatile session that featured a 20% swing in prices. The software maker fell 7% postmarket.
AMC Share Gains Evaporate as Reddit-Driven Rally Fizzles
Bloomberg 2/1/2021 Bailey Lipschultz and Paul Jarvis
(Bloomberg) AMC Entertainment Holdings Inc. and some other day-trader favorites saw their rallies fizzle at the start of the week as investors shifted their focus to other parts of the stock market.
After gaining as much as 30% earlier on Monday, AMC shares ended the session little changed and then tumbled as much as 17% in extended trading. The movie-theater chain, which has been hurt by Covid-related closures, gained 525% in January after announcing fresh financing that will help it avoid bankruptcy. BlackBerry Ltd., meanwhile, closed 3.8% higher at the end of a volatile session that featured a 20% swing in prices. The software maker fell 7% postmarket.