February 26, 2024

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Stocks jump on stimulus talks, silver soars

2 min read

U.S. equity markets rallied Monday as COVID-19 relief talks progressed on Capitol Hill and silver prices hit their highest level in eight years.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 30212.68 +230.06 +0.77%
SP500 S&P 500 3771.75 +57.51 +1.55%
I:COMP NASDAQ COMPOSITE INDEX 13383.851153 +313.16 +2.40%

The Dow Jones Industrial Average gained 246 points, or 0.82%, while the S&P 500 and the Nasdaq Composite advanced 1.59% and 2.38%, respectively.

Ticker Security Last Change Change %
SLV ISHARES SILVER TRUST 26.91 +1.92 +7.68%
DBS INVESCO DB MULTI SECTOR COMM TR SILVER FD ETF 41.29 +3.21 +8.43%
PAAS PAN AMERICAN SILVER CORP 35.43 +2.97 +9.15%
AG FIRST MAJESTIC SILVER 22.24 +4.31 +24.04%

In markets, silver soared $2.498 to $29.398 an ounce, its highest in eight years. The spike in the precious metal came amid reports investors on the message board site Reddit are buying the exchange-traded fund iShares Silver Trust — something its members have denied.

Ticker Security Last Change Change %
GME GAMESTOP CORP 235.04 -92.46 -28.23%
AMC AMC ENTERTAINMENT HOLDINGS INC 14.05 +0.71 +5.32%
BBBY BED BATH & BEYOND INC. 29.84 -5.50 -15.55%
BB BLACKBERRY LIMITED 14.48 +0.35 +2.51%

The so-called silver squeeze comes as Reddit traders in recent weeks have been banding together to run up the price of stocks that have been under attack from short-sellers, including GameStop Corp. and AMC Entertainment Group.

In Washington, President Biden promised to meet with 10 Republican senators, including Mitt Romney of Utah and Susan Collins of Maine, to present their plan for a $600 billion COVID-19 relief package.

The plan would cost less than one-third of Biden’s $1.9 trillion proposal, which Sen. Bernie Sanders, I-Vt., threatened to pass through the reconciliation process, which would require a simple majority as opposed to the 60 votes normally needed to approve the legislation.

In deals, Exxon Mobil Corp. and Chevron Corp. held merger talks in early 2020, according to The Wall Street Journal, after the COVID-19 pandemic brought the global economy to a standstill and zapped demand for oil and natural gas. A combination between the two companies, which were both descendants of Standard Oil, would be one of the largest mergers ever.

Ticker Security Last Change Change %
XOM EXXON MOBIL CORPORATION 44.70 -0.12 -0.28%
CVX CHEVRON CORP. 86.06 +0.84 +0.99%

Elsewhere, hydraulics maker Eaton Corp. agreed to buy privately held air-to-air refueling equipment maker Cobham Mission Systems for $2.83 billion, including $130 million in tax benefits.

Ticker Security Last Change Change %
ETN EATON CORP. 120.31 +2.60 +2.20%

European markets were higher across the board with Britain’s FTSE 100 trading up 0.92%, France’s CAC 40 advancing 1.16% and Germany’s DAX 30 strengthening by 1.41%.

Hong Kong’s Hang Seng index led the gains in Asia, climbing 2.15%, while Japan’s Nikkei 225 and China’s Shanghai Composite rallied 1.55% and 0.64%, respectively.

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