U.S. stocks rally as day-trading frenzy collapses
Rita Nazareth and Claire Ballentine, Bloomberg News
BNN Bloomberg s closing bell update: Feb. 2, 2021 VIDEO SIGN OUT
Stocks posted a back-to-back rally as the trading frenzy that fueled a surge in heavily shorted shares crumbled. Investors also sifted through a batch of corporate earnings.
After the close of regular trading, Alphabet Inc. and Amazon.com Inc. reported better-than-estimated sales, with the online retail giant saying Chief Executive Officer Jeff Bezos will step down from his post in the third quarter of 2021. All major groups in the S&P 500 rose on Tuesday, with financial and industrial companies leading the charge. United Parcel Service Inc. climbed as the courier reported a surge in profit, while Exxon Mobil Corp. rose on a pledge to safeguard dividends. Meanwhile, the speculative trades popular with Reddit crowds crumbled, with GameStop Corp. and AMC Entertainment Holdings Inc. tumbling at least 41 per ce
Stocks Rise on Tech, Stimulus Bets; Silver Falls: Markets Wrap swissinfo.ch - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swissinfo.ch Daily Mail and Mail on Sunday newspapers.
Silver’s Selloff Accelerates With Reddit Frenzy Unraveling
Bloomberg 2/2/2021
(Bloomberg) The buying frenzy that sent silver to an eight-year high has stalled out.
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Silver futures in New York fell as much as 10% as traders closed out positions after CME Group hiked margin requirements. Meanwhile, Reddit posters turned their attention to GameStop Corp. losses amid a growing backlash against the silver trade. BlackRock Inc.’s iShares Silver Trust, the short-squeeze target of retail traders on Reddit last week, slumped more than 8%.
The silver market was roiled in the past week after a series of posts on the WallStreetBets forum calling for a “short squeeze.” iShares Silver Trust had a combined net inflow of $1.5 billion on Friday and Monday, silver options trading surged and prices swung dramatically before spiking to the highest since 2013. By Tuesday, plunging shares of GameStop and AMC Entertainment Holdings Inc., two of the popular trades with Redd
U.S. stocks rally as day-trading frenzy collapses
Rita Nazareth and Claire Ballentine, Bloomberg News
BNN Bloomberg s closing bell update: Feb. 2, 2021 VIDEO SIGN OUT
Stocks posted a back-to-back rally as the trading frenzy that fueled a surge in heavily shorted shares crumbled. Investors also sifted through a batch of corporate earnings.
After the close of regular trading, Alphabet Inc. and Amazon.com Inc. reported better-than-estimated sales, with the online retail giant saying Chief Executive Officer Jeff Bezos will step down from his post in the third quarter of 2021. All major groups in the S&P 500 rose on Tuesday, with financial and industrial companies leading the charge. United Parcel Service Inc. climbed as the courier reported a surge in profit, while Exxon Mobil Corp. rose on a pledge to safeguard dividends. Meanwhile, the speculative trades popular with Reddit crowds crumbled, with GameStop Corp. and AMC Entertainment Holdings Inc. tumbling at least 41 per ce
Dow Average Jumps 2% as Day-Trading Craze Eases: Markets Wrap swissinfo.ch - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swissinfo.ch Daily Mail and Mail on Sunday newspapers.