GameStop Jumps 27% To Lead Meme Stock Rally
On Tuesday, video game retailer and meme stock giant GameStop surged by 27% as some retail investors returned in full force despite an otherwise noiseless market.
GameStop jumped by as much as 36.5% to $225 apiece in heavy trading volume. According to FactSet, over 14 million shares changed hands, a figure that is seven times more than its 30-day average.
Shares of AMC Entertainment were also up. The US cinema chain saw a 20.3% increase and, according to the broker’s website, was the most active stock on Fidelity’s trading platform as of 2:30pm ET. Domestic merchandise retailer Bed Bath & Beyond rose by 4%, whilst Clover Health jumped almost 10%. Robinhood advanced 9% without any apparent news.
However, with most investors awaiting Thursday and Friday’s key Federal Reserve summit, the rest of the stock market appeared subdued. The S&P 500 closed Tuesday’s session 0.2% higher.
According to FactSet, overall volume was light on Tuesday with the SPDR S&P ETF trading 30 million shares.
