Stocks are climbing in afternoon trading Monday, following a bumpy week that left the market with its worst weekly loss since October. Investors large and small continued to focus on GameStop and other stocks targeted by online traders hoping to inflict damage on hedge funds.
Meanwhile the price of silver jumped 8% 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.
The S&P 500 rose 1.8% as of 2:36 p.m. Eastern. The Dow Jones Industrial Average was up 333points, or 1.1%, to 30,316 and the Nasdaq composite was up 2.6%. The gains were broad, with technology companies leading the way higher. Communication stocks and a variety of companies that rely on direct consumer spending such as Starbucks and AutoZone also helped lift the market.
Shares of GameStop were down 24.9%, in what has become a typical move for a company that has regularly seen double-digit swings most of the last two weeks. Trading of the retailer was still limited on trading platforms like Robinhood.