General
ASX recovers from early tumble as Reddit WallStreetBets traders drive silver surge
Silver prices have surged as Reddit traders take a shine to the precious metal, while the local share market has pushed higher, reversing an early tumble.
Key points:
- Spot silver was up by more than 6 per cent in early trade
- The Reddit forum that spurred retail investors to pile into GameStop shares has set its sights on silver
- The number of job ads rose for the eighth-straight month in January
The ASX 200 closed 0.8 per cent, or 55 points, higher at 6,663 points.
The major bank and mining stocks rose strongly, including Fortescue (+2.2pc), BHP (+1.3pc), South 32 (+3.9pc) and ANZ (+1.5pc).
Energy stocks recovered after earlier being the major drag on the market, but shares in Worley remained deep in the red (-10.9pc), after it warned that…
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