By Sinéad Carew
(Reuters) - Shares of GameStop soared 16.3% on Tuesday after hitting their highest level since late March, and other so-called meme stocks also rallied as investors shifted back into the retail favorites that had notched big gains earlier in the year.
The video game retailer s shares finished at $209.43, marking their first close above $200 since March 19. Shares of AMC Entertainment Holdings ended up about 20% while Koss Corp gained 22.9%. Once it goes over $200 the buzz starts, said Dennis Dick, head of markets structure and proprietary trader at Bright Trading LLC. You can 100% peg it to social media.
GameStop s shares and those of other stocks popular on forums such as Reddit s WallStreetBets have climbed in recent weeks, a move that has come amid a broad sell-off in Bitcoin and other cryptocurrencies, another investment popular among individual investors.