PENNSYLVANIA, USA — Stocks were moving sharply higher Thursday afternoon, a day after sinking to their worst loss since October.
Investors continued to closely watch the wild swings in GameStop, AMC and several other stocks which have become targets for hordes of online investors who have sent them skyrocketing in recent days, taking on big hedge funds who have bet they will fall.
Several of those stocks fell sharply after Robinhood and other trading platforms restricted trading in them. The chaotic trading action is drawing calls from Sen. Elizabeth Warren and others for regulatory action to curb the frenzy.
The S&P 500 was up 2% as of 12:53 p.m. Eastern, recovering much of the ground it lost a day earlier. The Dow Jones industrial average was up 587 points, or 1.9%, to 30,888. The Nasdaq composite was up 1.6%.
Gamestop was was down 29% after more than doubling in price the day before. The stock, trading at $264 a share, overnight was worth as much as $500 a share. Meanwhile AMC Networks was down 48.5%, after rising nearly 600% this month alone.
Today on FOX43 News, we spoke to Andy Rohrer, a research analyst from Domani Wealth who weighed in on the action.