Retail traders reignite rally in GameStop shares
Retail traders powered a nearly 20% jump in GameSto shares to a two-month high in regular trading on Wednesday, extending a rally ahead of the company's quarterly results next week and underscoring a return in appetite for risk.
The meme stock is up nearly 36% over the last two sessions at $15.31.
AMC Entertainment and Cathie Wood's ARK Innovation ETF - other favorites among retail traders - were up nearly 3.5% and 0.5%, respectively.
The recovery in meme stocks comes as the S&P 500 closes in on its highest level for 2023 on hopes U.S. interest rates have peaked, breathing life into speculative trading that has struggled this year.
GameStop closed about 13% higher on Tuesday. Individual investors purchased $1.92 million worth of the company's shares on a net basis on Tuesday, their highest since Aug. 6, data from Vanda Research showed. $AMC Entertainment(AMC.US$ $GameStop(GME.US$ $ARK Innovation ETF(ARKK.US$ $S&P 500 Index(.SPX.US$
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