Dow Jumps 250 Points, But GameStop Market Value Plunges $7 Billion As Shorts Cash Out

Despite a good start to Monday trading for both the broader market and recently booming meme stocks, shares of GameStop took a steep turn for the worst before the close after new data revealed the number of investors shorting the stock has fallen dramatically since last week’s price mania.After posting their worst weekly performances since late October last week, the Dow Jones industrial average ended the day up 229 points, or 0.8%, while the S&P 500 and tech-heavy Nasdaq jumped about 1.

Meanwhile, shares of leading meme stock GameStop, which surged 400% last week, plunged 31% after market data firm S3 Partners said shorted shares of the stock fell by about 57% since Friday, with Managing Partner Ihor Dusaniwsky noting that short-sellers"have found opportunities and price exit points to trim their positions.”

Other meme stocks also lost momentum: AMC Entertainment ticked up just 0.

Global stocks also largely pushed higher after a lukewarm end to last week, with Japan’s Nikkei 225 closing up 1.6% Monday, while the United Kingdom’s FTSE 100 climbed 0.9% and Germany's DAX index 1.4%.Monday to discuss a compromise bipartisan stimulus package. The group has proposed a slimmed-down $600 billion bill that’s far less than the president’s $1.9 trillion rescue bill.

this silverback aint worried one bit bruh

💭...as I lay here and watch on hbomax that very good movie titled, “TOO BIG TO FAIL”...💭

There are no shares to cash out. There is something extremely troubling with this situation. The SEC needs to investigate Melvin Capital. How can you successfully exchange shares when you borrow more than 100% of them?

Wouldn’t that be longs taking profits.

I'm not fucking leaving HoldTheLine

So are you saying you are going to unlock the shares illegally held shares

Buy to cover short sale position

just market manipulation like GFC 2008

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Dow jumps 450 points as Senate passes stimulus, beat-up tech stocks fight into the green'The rich are going to get much richer in a non-linear way. The middle class won't be able to reach up to the next house price because incomes aren't moving as fast,' says Jkylebass of Hayman Capital Management. 'The poor are just going to stay poor.' Jkylebass He's not wrong Jkylebass Which is why good fiscal economic policy is important; to level the playing field and provide UBI so people can be entrepreneurs rather than corporate slaves. Jkylebass So the gap between the rich and the poor is getting wider, it will be a little bigger than the Marian Trench
Source: CNBC - 🏆 12. / 72 Read more »