Dow Has Big Day as GameStop Fizzles

Brokerages put trading restrictions in place on GameStop, AMC
By Newser Editors,  Newser Staff
Posted Jan 28, 2021 3:18 PM CST
Dow Has Big Day as GameStop Fizzles
A specialist works at his post on the trading floor of the New York Stock Exchange Thursday.   (Courtney Crow/New York Stock Exchange via AP)

The markets rebounded nicely Thursday following Wednesday's big selloff. The Dow rose 300 points, nearly 1%, to 30,603; the S&P 500 rose 36 points, also about 1%, to 3,787; and the Nasdaq rose 66 points, or half a percentage point, to 13,337. Also of note Thursday, the "euphoria" surrounding stocks such as GameStop and AMC Entertainment fizzled as brokerage houses put trading restrictions into place, reports the Wall Street Journal. (Read about the unusual standoff between Reddit-powered investors and Wall Street heavy hitters.) In fact, GameStop's stock closed down more than 40% and AMC's more than 50%, reports CNBC.

“The nonsense stocks continue to dominate a lot of the market conversation,” Adam Crisafulliof Vital Knowledge wrote in a note Thursday. “Away from the land of make believe, the macro backdrop remains mostly the same, and mostly positive.” All 11 sectors of the S&P index rose on the day, with health care, industrial, and financial stocks leading the way. On Wednesday, the markets had their worst day in months, with the Dow falling more than 600 points.

(Read more stock market stories.)

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