Wall Streets main indexes climbed on Monday following a steep selloff 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 SP 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.
Silver miners Hecla Mining Co, Coeur Mining Inc and Wheaton Precious Metals Corp surged between 5.5 and 35.
Its just a relief rally after the sharp decline on Friday, said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
Wall Streets main indexes last week logged their steepest weekly fall since October, as investors digested efficacy data from Johnson Johnsons COVID19 vaccine trial results, while a slugfest between Wall Street hedge funds and retail investors added to volatility.
The CBOE volatility index eased on Monday from threemonth highs that were fueled by a surge in shares of GameStop Corp, AMC Entertainment Holdings and others that burnt hedge funds who had bet against the companies. GameStop was down about 18, while AMC jumped another 8 on Monday.
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