A slugfest between Wall Street and Main Street took an unexpected turn late on Wednesday after moderators of a stock trading forum that has helped fuel massive rallies in the shares of GameStop temporarily closed its doors.
GameStop shares sank on Thursday as trading platforms including Robinhood and Interactive Brokers restricted trading in the video game retailer along with AMC Entertainment and other stocks that soared this week in a social media-driven trading frenzy that shook stock markets.
The dollar retreated and Wall Street rallied on Thursday as investors looked past weak U.S. GDP and jobless claims data to hopes of a rosier economy ahead and welcomed restrictions on this week's social media-driven trading frenzy.
U.S. policymakers are touting the gradual rise in the number of people who have received a coronavirus vaccination as the beginning of the end of the economy's fight with the pandemic, but real-time data suggests the awaited rebound is still at the starting line.
General Motors Co said on Thursday it was setting a goal to sell all its new cars, SUVS and light pickup trucks with zero tailpipe emissions by 2035, a dramatic shift by the largest U.S. automaker away from gasoline and diesel engines.
American Airlines said on Thursday that its regional carrier PSA had temporarily removed most of its aircraft from service and canceled flights while it works with the Federal Aviation Administration (FAA) to address a maintenance issue.
Oil eased on Thursday as the market focused more on concerns that delays to vaccine rollouts and fresh travel curbs could depress demand than the impact of a weaker dollar and a big U.S. crude inventory drawdown.
An army of retail investors that has routed Wall Street’s professionals in recent days was dealt a blow on Thursday, after online brokerages Robinhood Markets Inc and Interactive Brokers restricted trading in red-hot GameStop and several other social-media darlings stocks that had soared this week.
A tug of war between solo stock traders piling into GameStop and seasoned hedge funds betting against the U.S. video game retailer has unleashed a wave of copycat trades.
