AMC, Hycroft Mining stocks rally as Wall Street closes higher after rocky open

on Mar 29, 2022
Updated: Aug 23, 2022
  • Hycroft Mining Holding Corp jumped more than 80% on Monday
  • Nasdaq closes +1.3% and S&P 500 +0.7%
  • Tesla was also among the best performers on Monday rising more than 8% to $1,091.84.

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Shares of US-based gold and silver mining company Hycroft Mining Holding Corp jumped more than 80% on Monday, while AMC stock continued to rally higher following last week’s gains.

Elsewhere in the market, Wall Street opened to a rocky start this week with stocks down in early deals. However, a burst of energy among bulls saw all the major indexes close in the green.

Nasdaq closes +1.3% and S&P 500 +0.7%

The Nasdaq Composite added 1.3% to 14,354, while the S&P 500 gained 0.7% to 4,575. The Dow Jones Industrial Average also made an upside move late on to end the session 0.3% at 34,955.

In Europe, major indices were just higher, with the pan-European Stoxx 600 edging 0.14%, Germany’s DAX was up 0.78% and France’s CAC closed at +0.58%. Shares of UK’s FTSE 100 however closed lower at -0.14% as did Russia’s MOEX which fell 2.15%.

The overriding sentiment across the stock markets remains around the Ukraine-Russia war and rising inflation. High Covid-19 infection rates have also weighed down investors a little as fears of a new wave resurface.

Hycroft, AMC stocks in massive rallies

AMC Entertainment Holdings (NYSE: AMC) shares rallied by 45% on Monday to close at $29.33 as fresh commentary from the company’s CEO suggested more investments and mergers were coming up.

It follows this month’s acquisition of a stake in gold mining firm Hycroft Mining (NASDAQ: HYMC), which jumped 81% on Monday after announcing a $140 million stock sale.

Tesla was also among the best performers on Monday, after the electric car maker’s stock rose more than 8% to $1,091.84. The company is reportedly eyeing a stock split.

Oil, gold see fresh losses

In other markets, oil retreated again with the US crude slipping nearly 7.0% to lows of $105 per barrel. 

Gold prices also dropped to around $1,924 per ounce as the dollar index firmed to 99.15 and the 10-year yield hovered around 2.48%.

In crypto, Bitcoin rallied to highs of $48,000 after breaking resistance around $46k. The total crypto market capitalisation rose 6.5% to above $2.23 trillion as most altcoins posted impressive gains.

Coinbase Global (NASDAQ: COIN) gained 7.9% to $201.41 as the broader crypto market surged. The crypto exchange’s stock was already going up at the end of last week after news emerged of a probable acquisition of Brazil-based digital asset platform Mercado Bitcoin.