GameStop, the stock at the centre of the battle between hedge funds and Reddit-driven individual investors, lost close to 50 per cent, bringing its two-day collapse to more than 65 per cent. AMC Entertainment, also caught up in the melee, lost 38 per cent.
GameStop's share price soared more than 400 per cent last week amid the coordinated moves by retail investors using trading platforms like Robinhood, which rattled markets and sent indices into the red. But Mr O'Hare said"the market is back to buying the weakness, finding the strength to do so in the promise of ongoing policy support, the promise of ramped-up vaccination efforts and the presumption that the economy and corporate earnings are only going to get better as the year progresses."For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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