RETAIL TRADERS REIGNITE IN GAMESTOP SHARES
- NEWS Desk Global
- Nov 29, 2023
- 1 min read
Retail traders powered a nearly 20% jump in GameStop (GME.N) shares to a two-month high in regular trading on Wednesday, extending a rally ahead of the company's quarterly results next week and underscoring a return in appetite for risk. The meme stock is up nearly 36% over the last two sessions at $15.31.
AMC Entertainment (AMC.N) and Cathie Wood's ARK Innovation ETF (ARKK.P) - other favorites among retail traders - were up nearly 3.5% and 0.5%, respectively.
The recovery in meme stocks comes as the S&P 500 (.SPX) closes in on its highest level for 2023 on hopes U.S. interest rates have peaked, breathing life into speculative trading that has struggled this year. GameStop closed about 13% higher on Tuesday. Individual investors purchased $1.92 million worth of the company's shares on a net basis on Tuesday, their highest since Aug. 6, data from Vanda Research showed.
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