U.S Stock

U.S. stocks: Dow Jones industrial average up 1.95%

The Dow Jones Industrial Average’s Boeing Co. rose 5.84% or 12.38 points to trade at 224.39 at Monday’s close. U.S. stocks were higher after the close, with gains in the Technology, Industrials, and Oil & Gas sectors’ leading shares higher.

At the close in NYSE, the S&P 500 index and the NASDAQ Composite gained 2.38% and 3.01%, respectively. Also, at the close, the Dow Jones Industrial Average added 1.95%.

The session’s best performer was Boeing Co. Moreover, Apple Inc added 5.39% or 6.53 points to end at 127.79. Also, in late trade, Dow Inc was up 3.76% or 2.23 points to 61.54.

The session’s worst performers were Merck & Company Inc. They fell 0.33% or 0.24 points to trade at 72.38 at the close. 

Walgreens Boots Alliance Inc dropped 0.17% or 0.08 points to end at 47.85. On the other hand, Verizon Communications Inc was up 0.11% or 0.06 points to 55.36.

On the S&P 500, the top performers were Dentsply Sirona Inc which rose 12.51% to 59.71. Furthermore, NRG Energy Inc was up 10.55% to settle at 40.36, and Invesco Plc gained 10.35% to close at 24.74.

The session’s worst performers were SBA Communications Corp which was down 2.82% to 247.94 in late trade. With that, Albemarle Corp lost 2.71% to settle at 152.95. Also, at the close, the Royal Caribbean Cruises Ltd was down 2.06% to 91.35.

GameStop and other “meme stocks” rallies.

On Monday, Video game retailer GameStop and other “meme stocks” mounted a late-day rally climbing almost 32% at one point. 

GameStop shares, along with other stocks, have roared back in recent sessions. These were stocks favored by retail investors congregating in online forums such as Reddit’s popular WallStreetBets. This came after a wild ride in late January and then tumbling in early February.

GameStop paired gains to close 18.3% higher. Moreover, cinema chain AMC Entertainment ended 14.6% higher, and headphone maker Koss gained 13.4%.

Closing at $120.40, GameStop reached a session peak of $133.99. The video game retailer’s low for the day was $99.97.

According to some analysts, a tick higher in short positioning from last week may have supported the rally. 

A short squeeze was a key catalyst behind GameStop’s late January run. That was when it gained as much as 1600% before reversing. A short squeeze is where a flurry of buying forces bearish investors to unwind their bets against the stock.

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