GameStop surges 30% to lead meme stock rally in otherwise boring market

GameStop surges 30% to lead meme stock rally in otherwise boring market

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.

Enjoyed this article?
For exclusive stock picks, investment ideas and CNBC global livestream
Sign up for CNBC Pro
Start your free trial now

Original news source Credit: www.cnbc.com



You must be logged in to post a comment Login