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Stocks were rising Monday as a group of Republican Senators proposed a $600 billion Covid-19 relief plan and the market recovers from last week’s wild trading in GameStop and other heavily-shorted stocks. Futures on the
Dow Jones Industrial Average
had risen 193 points, or 0.7%, while
S&P 500
futures had gained 0.8%, and
Nasdaq Composite
futures were up 1%.
President Biden, who is seeking $1.9 trillion in stimulus, will meet with the group of lawmakers to discuss a possible bill. Consumers and corporations have already built up a mountain of cash, which could be unleashed upon once a large chunk of the population has received a vaccine. Another bill—which seems to be a bipartisan agenda—was expected by March. After a crazy week of trading, the stocks caught up in the action appear to be calming down, if only a bit.
is down 0.3% at $324, while
AMC Entertainment’s
(AMC) has gained 19% gain.
Bed Bath & Beyond
(BBBY), has fallen 3% after KeyBanc Capital Markets downgraded it to Underweight from Sector Weight. Silver, however, is now in the spotlight on WallStreetBets. The
iShares Silver Trust
(SLV) has jumped 9.9% to $27.47. In other news,
First Solar
(FSLR) has advanced 0.5% despite getting cut to Neutral from Buy at UBS.
Colgate-Palmolive
(CL) has ticked up 0.2% after Credit Suisse upgraded the stock to Neutral from Underperform.
Expedia Group
(EXPE) has risen 3% after Wedbush upgraded the stock to Outperform from Neutral.
Exxon Mobil
(XOM) has gained 1.8% and
Chevron
(CVX) has advanced 1.4% on reports that the two oil giants had discussed a possible merger. Write to Jacob Sonenshine at jacob.sonenshine@barrons.com
