The three major U.S. indices posted gains at market close, mounting a comeback from the previous days slump.
Members of the WallStreetBets community on Reddit, which reportedly has nearly doubled in members this week, has brought Wall Street to its knees.
After days of speculative fervor targeting GameStop (ticker: GME), AMC Entertainment (AMC) and other securities, brokerage platforms TD Ameritrade, Charles Schwab and Robinhood restricted certain types of trading activities throughout the day. Retail investors collaborating via online message boards had targeted these stocks, causing values to soar amid enthusiastic trading and a short squeeze.
Meanwhile, initial jobless claims for regular state programs reached 847,000 for the week ending Jan. 23. That marks a decrease of 67,000 from the previous weeks revised level but remains elevated as coronavirus-related shutdowns continue to pummel the labor market.
The Dow Jones Industrial Average gained 300 points, or nearly 1%, to finish at 30,603.
GameStop tanks. Shares of the video game retailer fell about 44% Thursday after Robinhood and other trading platforms restricted trading of the stock. On Thursday, Robinhood allowed traders to sell, but not to buy GME shares, along with several other securities.
In a twist of events, Robinhood said it would resume limited trading on Friday for so-called Reddit stocks.
We’ll continue to monitor the situation and may make adjustments as needed, Robinhood said in a statement. GME surged in after-hours trading upon the news, soaring more than 50%.
Thats despite the fact that GME ended the day at $193, below its recent peak of about $483.
AMC Entertainment, which ended the day down more than 56%, also surged more than 40% in after-hours trading.
American Airlines (AAL), another social media favorite, ended up about 10% on the day.
Big Tech falls. Apple (AAPL), Facebook (FB) and Tesla (TSLA) ended down on the day, with Apple falling 3.5%, Facebook down 2.6% and Tesla dropping about 3.3% after posting their earnings late Wednesday.
Find us at the office
Humble- Micallef street no. 52, 81559 Jakarta, Indonesia
Give us a ring
+27 450 860 545
Mon - Fri, 9:00-18:00