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Summary
- The US shares rebounded on Monday after retail traders shifted their focus to silver, driving up mining stocks.
- The iShares Silver Trust ETF zoomed just above 9 per cent after the metal broke above US$30 an ounce for the first time since 2013.
- The Dow Jones Industrial Average closed higher by 229.29 points or 0.76 per cent at 30,211.91, while the S&P 500 closed at 3,773.86, up 59.62 points, or 1.61 per cent. NASDAQ Composite ended at 13,403.40, up 332.70 points, or 2.55 per cent.
The US shares rebounded on Monday after retail traders shifted their focus to silver, driving up mining stocks. The quick recovery comes after a steep slump in the benchmark Wall Street indices amid concerns around speculative trading frenzy and not so encouraging trial results from Johnson & Johnson's COVID-19 vaccine, which fuelled the worst weekly sell-off since October.
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The iShares Silver Trust ETF zoomed just above 9 per cent after silver broke above US$30 an ounce for the first time since 2013. The top-performing silver miners that advanced between 5.5 per cent and 35 per cent were Hecla Mining, Coeur Mining Inc, and Wheaton Precious Metals.
The Dow Jones Industrial Average rose as high as 250 points in the day, led by Intel and Goldman Sachs, and closed higher by 229.29 points or 0.76 per cent at 30,211.91. The S&P 500 closed at 3,773.86, up 59.62 points, or 1.61 per cent, with technology leading gains. Microsoft and Apple were among the top gainers.
The tech-heavy NASDAQ Composite ended at 13,403.40, up 332.70 points, or 2.55 per cent. The three major indices slumped over 3 per cent last week, posting their worst weekly outing since October last year.
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GameStop shares down
The CBOE Volatility Index was down 9.58 per cent to 29.92. While GameStop shares were down nearly 18 per cent, AMC stock climbed another 8 per cent.
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Alphabet, Amazon results
Ninety-nine S&P 500 companies are scheduled to report their earnings this week. The companies are Alphabet, Amazon, Alibaba, Snap, Exxon, Biogen, Pfizer, Chipotle, among others.
The US Dollar index futures was up 0.51 per cent at 90.998.
COVID-19 relief proposal
Meanwhile, US President Joe Biden received a letter on Sunday from a group of 10 Republican senators, requesting him to consider a scaled-down coronavirus relief proposal. The current plan proposes US$1.9 trillion in additional fiscal stimulus.
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