Your weekly recap and outlook
If you re reading this, that means you managed to make it through the stock market s most absurb week in recent memory. You ll always remember where you were when Reddit day traders banded together and pumped 90 s nostalgia stocks like GameStop to the moon an unprecedented uprising that sent ripples through every layer of the financial system.
The story starts, of course, with the traders themselves, who conduct their business on r/WallStreetBets subreddit. They threw the exact perfect mix of market savvy, anti-establishment sentiment, and sheer will into a blender and came out with a destabilizing cocktail that left established Wall Streeters scrambling clean up the mess.
The Gray Market: Why Young People Are Skipping the Art Market to Buy Stock in GameStop (and Other Insights)
Our columnist uses GameStop s historic surge to break down why Wall Street has outperformed the art trade in attracting young investors.
January 25, 2021
A young man plays in front of the television with the Playstation game console. Photo by Britta Pedersen/picture alliance via Getty Images.
Every Monday morning, Artnet News brings you The Gray Market. The column decodes important stories from the previous week and offers unparalleled insight into the inner workings of the art industry in the process.
This week, a gut check for anyone who thinks there’s no speculation as wild as art-market speculation…
Capital Abounds, And It Needs A Place To Go
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As I am typing, the market sits at 30,000 exactly on the Dow, really close to 4,000 points higher than it was in the middle of the day on Friday, October 30 (it closed at 26,500 that day). Now, pre-market futures at the time of writing are down 100 points or so, and each minute, hour, day creates new opportunities for an uptick or a downtick, but the point I am making is nothing more than the empirical fact that …
Over the last 42 days, the market is up very close to 4,000 points
Over the last 42 days, Joe Biden has won the Presidency