Big Tech leads stocks to broad gains, even as GameStop plummets

The Standard & Poor’s 500 index rose 1.4%, extending gains from a day earlier, as investors sized up the latest batch of company earnings reports. Rising crude oil prices and solid earnings results helped lift energy companies, including Exxon Mobil and Marathon Petroleum. Treasury yields rose and the VIX, a measure of fear in the market, fell sharply, a sign volatility was easing.

GameStop plunged 60% to $90 a share, and AMC Entertainment lost 41.2% to $7.82 a share. Both companies have been in the spotlight for more than two weeks as an online community of investors pushed the stocks to astronomical levels. Robinhood eased some of the trading limits on GameStop and select other stocks Tuesday. For example, it now allows users to buy as many as 100 shares and options contracts in GameStop and 1,250 in AMC. On Monday, the brokerage was limiting users to five shares in GameStop and 75 in AMC.

Uber rose 7% after the company said it would buy liquor delivery service Drizly for $1.1 billion in cash and stock.

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Big Tech leads stocks to broad gains; GameStop collapsesBig Tech companies and banks helped power a broad rally on Wall Street, though shares in GameStop and other recent high-flying stocks hyped by online traders plunged. GameStop was down 60% to $90 a share, and AMC Entertainment lost 41.2% to $7.82 a share. Can’t free trade... what do you expect. *the enemy of the people Demands high but the supplier (RH) cut off buyers.
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