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S&P 500 posts biggest gain since Nov. 24, led by gains in tech shares

Stock MarketsFeb 01, 2021 07:05PM ET
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2/2 © Reuters. FILE PHOTO: Trader Frank Masiello talks on his phone on Wall St. outside the NYSE in New York 2/2

By Caroline Valetkevitch

(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 (NYSE:SLV) 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 (NYSE:CDE) Inc surged.

Last week, retail traders drove big gains in companies such as GameStop Corp (NYSE:GME). GameStop was down 30.8% on Monday.

The frenzy may have changed course but is likely to stick around for a while, said Quincy Krosby, chief market strategist at Prudential Financial (NYSE:PRU) in Newark, New Jersey.

"The fact of the matter is this is a powerful move in the markets, and it's not just going to dissipate," she said.

The S&P 500 technology and consumer discretionary sectors, up more than 2% each, gave the S&P 500 its biggest boosts in the broad market rally.

Amazon.com (NASDAQ:AMZN), due to report results Tuesday, was among the biggest positive influences, along with Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL). Apple has filed for a six-part notes offering, according to an SEC filing.

Results are also expected this week from Alphabet (NASDAQ:GOOGL).

The Dow Jones Industrial Average rose 229.29 points, or 0.76%, to 30,211.91, the S&P 500 gained 59.62 points, or 1.61%, to 3,773.86 and the Nasdaq Composite added 332.70 points, or 2.55%, to 13,403.39.

U.S. President Joe Biden was to meet with 10 moderate Republican senators to discuss their proposal to shrink his sweeping $1.9 trillion U.S. COVID-19 relief package, even as Democrats prepare to push legislation through Congress without Republican support.

The CBOE volatility index eased from three-month highs.

Wall Street's main indexes last week logged their steepest weekly fall since October, as investors digested efficacy data from Johnson & Johnson (NYSE:JNJ)'s COVID-19 vaccine trial results, and a battle between Wall Street hedge funds and retail investors added to volatility.

Robinhood, the U.S. online broker that has emerged as a gateway for amateur traders challenging Wall Street hedge funds, has held talks with banks about raising $1 billion in debt so it can continue to fulfill orders for heavily shorted stocks, according to a Reuters report, citing people familiar with the matter.

On the economic front, the latest ISM survey was mixed as U.S. manufacturing activity slowed slightly in January, while a measure of prices paid by factories for raw materials and other inputs jumped to its highest level in nearly 10 years.

Advancing issues outnumbered declining ones on the NYSE by a 3.67-to-1 ratio; on Nasdaq, a 3.44-to-1 ratio favored advancers.

The S&P 500 posted six new 52-week highs and no new lows; the Nasdaq Composite recorded 100 new highs and 15 new lows.

Volume on U.S. exchanges was 15.92 billion shares, compared with the 15.6 billion average for the full session over the last 20 trading days.

S&P 500 posts biggest gain since Nov. 24, led by gains in tech shares
 

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Comments (34)
Rodolfo Barraco
Rodolfo Barraco Feb 01, 2021 5:22PM ET
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Explosive silver demand, anyone found physical silver anywhere? there was no supplier with stock today. If you know someone who has, share the word!
Fernando Hb
Fernando Hb Feb 01, 2021 4:44PM ET
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buying more GME, AMC, NOK
Lorish Flannery
Lorish Flannery Feb 01, 2021 3:00PM ET
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Not one person has said anything about buying silver on WSB, what they are saying is the opposite and that is that you guys need to get your facts straight before people start thinking you are sending people down rabbit holes like Qanon and Trump, slippery slope, get it straight.
Rodolfo Barraco
Rodolfo Barraco Feb 01, 2021 3:00PM ET
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not true, thousands asking where to buy, since there is no stock anywhere? did you find some? please dont be selfish, share where we can buy phisical silver coins or bars!
Mickael Maillot
Mickael Maillot Feb 01, 2021 2:06PM ET
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fk nws ! let's not get distracted... don't sell and hold ... I'm buying more GME !
Mickael Maillot
Mickael Maillot Feb 01, 2021 2:05PM ET
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fake news ! let's not get distracted... don't sell and hold ... I'm buying more GME !
Rod Quasney
Rod Quasney Feb 01, 2021 1:59PM ET
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What exactly constitutes small time trader? Retail? Well I'm retail and trade a $4m+ account. What do you figure the net worth of the person who wrote this article is? If you're reading this, yes, you.....🎯👨‍🎓
Rod Quasney
Rod Quasney Feb 01, 2021 1:59PM ET
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lol, I just realized it took two people to write this masterpiece. WOW, just wow....🎯👨‍🎓
Shane Gg
Shane Gg Feb 01, 2021 1:14PM ET
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I guess every time the price goes up for something it will be attributed to small retail traders. Silver has been undervalued against gold for years and years if I remember right. There's supposed to generally be like a 12:1 ratio normally for gold to silver on average and silver as done lousy at keeping up for a long time. I think what's really going on is the MSM doesn't want WSB out of the news cycle and that's all it comes down to.
Shane Fonseca
Shane Fonseca Feb 01, 2021 12:46PM ET
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we are holding gamestock fake news
Matt Cunningham
Matt Cunningham Feb 01, 2021 12:44PM ET
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were still holding gme....fake news.....
Nordic Fire
Nordic Fire Feb 01, 2021 12:43PM ET
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They really are doing everything to distract people from AMC and GME lol... they pulled out everything including fraud and false claims with articles
Tino de Freitas
Teflontino Feb 01, 2021 12:43PM ET
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yes they did.... quite amazing to  watch. but mustn't be surprised
Kristof Naessens
Kristof Naessens Feb 01, 2021 12:19PM ET
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This hasn't mucht to do with reddit traders. Silver was due for a rise anyway. Of course when everybody starts stepping in, you'll see moves above 30$ to 40$ quickly.
Technical Long
Technical Long Feb 01, 2021 12:07PM ET
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Fake
John Patrick
John Patrick Feb 01, 2021 12:03PM ET
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'Small time' traders. Honestly... even when silver is soaring they always sour the headlines. Its a hedge against big banks and the cartel...that's why they do this
The Chad Bull
The Chad Bull Feb 01, 2021 12:01PM ET
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Let the banks collapse. You cannot print your way to prosperity.
Big Cat
Big Cat Feb 01, 2021 11:53AM ET
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Lol this is a garbage article.
Casino Crypt
CasinoCrypt Feb 01, 2021 11:42AM ET
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this is a bear candy store . Shorts all around the house on hi ho silver.  Its so far beyond the 200ma its like an elephant sitting on top of the empire state building. :)
The Chad Bull
The Chad Bull Feb 01, 2021 11:38AM ET
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The entire debt based monetary system will collapse
WS Bets
WSBets Feb 01, 2021 11:25AM ET
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Silver is FAKE
Tyrone Jackson
Tyrone Jackson Feb 01, 2021 11:25AM ET
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You are fake news. Silver and gold are the only real assets. How many oz did you buy at 13 ? 14? 15? You don’t even own one oz of silver and never held a gold PAMP bar in your hand How is RH treating you ? Like a victim
Rodolfo Barraco
Rodolfo Barraco Feb 01, 2021 11:25AM ET
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is not, is fisical, and has value. GME paper stock with no value thats fake. in a week will be 10 usd a stock. good luck with that! Looser. so many bitter people angry because they are missing out the deal of their lives....
Carlos Charpenel
Carlos Charpenel Feb 01, 2021 11:22AM ET
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FAKE NEWS!
Azharil Azizi
Linuxfy Feb 01, 2021 11:21AM ET
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Nope we are too busy holding Diamond 💎🤲
Joshua Jeremiah Undag
Joshua Jeremiah Undag Feb 01, 2021 11:17AM ET
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Nope we're not buying silver
adrian ozimek
adrian ozimek Feb 01, 2021 11:15AM ET
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Fake news!
Robert Hazell
Robert Hazell Feb 01, 2021 11:01AM ET
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This is a lie. Fake News. Retail investors are NOT going after silver. The hedge funds own massive amounts of silver.
Lucke Black
Lucke Black Feb 01, 2021 11:01AM ET
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Silver is money. Hedge founds can have paper silver, but not physical. JMP has a lot of silver as they well know rigger of silver market. Buy physical. Check how much paper oz silver is traded per day and how much is mined per year
Rodolfo Barraco
Rodolfo Barraco Feb 01, 2021 11:01AM ET
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false the hold fake paper silver, not true phisical silver, thats why today is imposible to buy true silver anywhere. you know what is easy to buy? GME stocsk, just worthless paper... XD
Joanna Yin
Joanna Yin Feb 01, 2021 10:24AM ET
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Bad move at this point……Silver is more complicated and larger scale.
Ernie Keebler
Ernie Keebler Feb 01, 2021 9:58AM ET
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Inglis(AIMA) support crooks like Cohen and scew media. Stop the lies. Small retail vs big money& hedge funds, David vs Goliath don't fold we can win
 
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