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Brokerages limit trading in GameStop, sparking outcry - Business News
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Robinhood restricts GameStop stock trading
Updated Jan 28, 2021;
Posted Jan 28, 2021
FILE - This Dec. 17, 2020 file photo shows the logo for the Robinhood app on a smartphone in New York. The online trading platform Robinhood is moving to restrict trading in GameStop and other stocks that have soared recently due to rabid buying by smaller investors. (AP Photo/Patrick Sison)AP
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Robinhood and other retail brokerages are taking steps to tamp down the speculative frenzy surrounding companies such as GameStop, but the actions only sparked more volatility and an outcry from users of the platforms and some members of Congress that small investors are being treated unfairly.
Trading platforms restrict GameStop and other Reddit stock picks, sparking outrage and lawmakers ire
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The Associated Press Created: January 28, 2021 10:40 AM
Robinhood and other retail brokerages are taking steps to tamp down the speculative frenzy surrounding companies such as GameStop, but the actions only sparked more volatility in the market and an outcry from users of the platforms and some members of Congress who say small investors are being treated unfairly.
GameStop stock has rocketed from below $20 earlier this month to close around $350 Wednesday as a volunteer army of investors on social media challenged big institutions who had placed market bets that the stock would fall.
The action was even wilder Thursday: The stock swung between $112 and $483. It was down 28% at $250 in afternoon trading.
Brokerages limit trading in GameStop, sparking outcry; lawsuit filed
Updated Jan 28, 2021;
By Associated Press
Robinhood and other retail brokerages are taking steps to tamp down the speculative frenzy surrounding companies such as GameStop, but the actions only sparked more volatility in the market and an outcry from users of the platforms and some members of Congress who say small investors are being treated unfairly.
GameStop stock has rocketed from below $20 earlier this month to close around $350 Wednesday as a volunteer army of investors on social media challenged big institutions who had placed market bets that the stock would fall.
The action was even wilder Thursday: The stock swung between $112 and $483. It was down 28% at $250 in afternoon trading.
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