All three major U.S. stock market indices rose to start the week on Monday as earnings season entered its second week. The tech-heavy Nasdaq was the biggest winner of the three, adding nearly 2.6% on the day.
The Dow Jones Industrial Average rose 229 points, or nearly 0.8%, to finish at 30,211.
Silver short squeeze. ” Reddit stocks” were all the rage last week as the WallStreetBets community drove shares of GameStop (ticker: GME) and AMC Entertainment ( AMC), among other names, higher to hurt moneyed interests shorting certain stocks.
This week, at least if Monday is any indication, may bring a different focus of the WallStreetBets community as it turns its attention to the precious metal silver. That attention helped drive silver prices higher Monday, reaching their highest prices in eight years.
Driving price movement in a global commodity like silver is seen as far more difficult than driving action in individual company names, so it’s interesting to see a test to the limits of Reddit’s power.
Chevron and Exxon discussed merger. No, no merger came out of it — but news that the two largest U.S. oil majors, Exxon ( XOM) and Chevron ( CVX), had discussed a tie-up last year, was a bit of a surprise.
While Big Tech is getting most of the regulatory scrutiny these days, antitrust concerns would definitely arise from a corporate merger as large as one necessitated by a wedding of Exxon and Chevron.
Robinhood raises more dough. After raising $1 billion late last week due to capital constraints faced in the wake of a spike in trading activity, Robinhood raised another $2.4 billion over the weekend and was still placing limits on how much of certain stocks traders on their platform could trade on Monday.
Robinhood’s reputation has taken quite a hit over the last week or so, putting its potential IPO in danger.
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