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GameStop mania severely tested market system, regulator says

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The surge for GameStop and other downtrodden stocks also laid bare how much power is being wielded by a new generation of smaller-pocketed and novice investors, armed with apps on their phones that make trading fun.

FILE - In this Thursday, Jan. 28, 2021, file photo, a GameStop sign is seen above a store, in Urbandale, Iowa. The U.S. stock market certainly shook when hundreds of thousands of regular people suddenly piled into GameStop earlier in 2021, driving its price to heights that shocked professional investors, but it didn't break.NEW YORK — The U.S.

The report also didn't make any recommendations for changes to how the market is structured, but it pointed to several areas for further consideration. They include topics that SEC Chair Gary Gensler has already cited in recent speeches, such as whether the way some brokerages make their money encourages them to push customers to trade more often than they should.

During the run-up of GameStop's price, many people were bellowing on Reddit and other social media platforms that this was their chance to stick it to the hedge funds. They took aim at funds that had bet GameStop, a struggling video-game retailer, would see its price continue to fall.

 

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