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GameStop shares surge 53per cent, other 'meme stocks' rally on stimulus hopes

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Shares of GameStop Corp jumped over 40per cent on Monday after the world's largest video game retailer tapped Chewy co-founder Ryan Cohen to ...

REUTERS: Shares of GameStop surged as much as 53per cent and other so-called meme stocks rallied, lifted by the latest news from the video game retailer and expectations that investors may soon plow a fresh wave of stimulus checks into the equity market.

Retail investors surveyed by Deutsche Bank last month said they would put more than a third of their stimulus checks into the stock market, which could represent inflows of around US$170 billion, the bank said in a research note. GameStop’s latest rally comes on the heels of several wild swings in the company's share price from January. Since then, GameStop has become one of the hottest and most visible of"meme stocks" that are closely followed on social media sites.

 

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