Thank you for tuning into FFR Trading for your market updates and the latest financial news! In today’s article, we will discuss what is going on in the markets this Monday with a brief discussion of GameStop, Robinhood, and potential record highs. The past week has been a whirlwind for the markets – with the S&P 500 on the rise and the GameStop frenzy dominating the markets, mainstream news, and even the attention of important and influential political and financial personalities.
GameStop’s yo-yo-ing stock has dominated the market with extreme highs and lows. Robinhood had decided to restrict trading in both GameStop and AMC (two of the highly traded stocks because of the Reddit phenomenon). Lawmakers and regulators, such as Rep. Alexandria Ocasio-Cortez and Sen. Ted Cruz, criticized Robinhood’s decision to restrict trading. The SEC announced that it would investigate curbs. Since then Robinhood has reinstated trading, but it is doubtful that the accusations of unfair restrictions that allegedly infringed upon the rights of traders will simply be dropped.
In an update regarding the above, the GameStop phenomenon has spurred a call for reform for stock clearings. Robinhood and other firms that received complaints from consumers are at the forefront of this call to action. Others maintain that it is the fault of Robinhood and other firms that this occurred in the first place. We will be following this update closely and plan to keep our readers, and our investors, informed.
In other news, the S&P 500 continued to rise this Monday morning with a 0.5% gain after the index had boasted its largest one-week advance since early November. The Nasdaq rose by 0.6% and the Dow Jones Industrial Average jumped by 0.5%. All three of the major indexes are on track to close at records.
Investors are anticipating a new round of government spending that could boost the economy, spurring growth in a time where many large companies are already reporting healthy earnings. The democratic party of the U.S. government is looking to circumvent the republican side and pass President Biden’s $1.9 trillion stimulus plan sometime in February. It will be interesting to see if this occurs and how it would affect the market.
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