Meme stock king GameStop rallied more than 30% on Tuesday as retail investors came back in full force despite an otherwise quiet market.
The videogame retailer surged as much as 36.5% to $225 apiece in heavy trading volume. More than 7 million shares have changed hands, more than tripling its 30-day average, according to FactSet.
Other meme stocks were also popping.
Shares of AMC Entertainment jumped 21%. The movie theater chain was the most active stock on Fidelity’s trading platform as of 2:30 p.m. ET, according to the broker’s website.
Clover Health climbed 10%. Bed Bath & Beyond rose more than 4%. Robinhood, which has also earned a meme stock status, advanced 9% Tuesday on no apparent news.
Outside of the group favored by retail investors, the stock market seemed to be dull with most investors eagerly awaiting a key Federal Reserve summit Thursday and Friday. The S&P 500 inched up 0.3% in afternoon trading.
Overall volume was light Tuesday with the SPDR S&P 500 ETF trading 24 million shares, about a third of its 30-day average, according to FactSet.
The Jackson Hole symposium is expected to be market-moving as central bankers could detail their plans for tapering monetary stimulus. The Fed has started discussions to pull back its minimum $120 billion a month bond-buying program by the end of this year.
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Original news source Credit: www.cnbc.com