Feb 1 Reuters U.S. stocks were up sharply on Monday afternoon following a steep selloff last week, with mining shares rising as the retail trading frenzy shifted to silver and as investors weighed prospects for further economic stimulus.
The iShares Silver Trust ETF, the largest silverbacked ETF, jumped 6.7 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.
U.S. President Joe Biden will meet 10 moderate Republican senators on Monday to discuss their proposal to shrink his sweeping 1.9 trillion U.S. COVID19 relief package, even as Democrats prepare to push legislation through Congress without Republican support.
Thats gaining some traction, and I think the market is thinking its a good starting point, said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.
Also, the retail trader focus today seems to be on silver, and its considered to be a small pocket of the market, she said.
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, and a battle 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…