Shares of GameStop and AMC Entertainment Holdings soared for a fourth day running on Wednesday, forcing hedge funds to retreat from heavy losses and sparking calls for scrutiny of a social media-driven trading frenzy.
Short-seller Citron, a target for some of the individual traders who have helped drive huge gains for a number of niche Wall Street stocks in the past week, said in a video post it had abandoned its bet on GameStop shares falling.
With commentators and lawyers calling for scrutiny of the moves, Nasdaq chief Adena Friedman said exchanges and regulators needed to pay attention to the potential for “pump and dump” schemes driven by chatter on social media.
BlackRock, the world’s largest money management firm, reported a stronger-than-expected fourth quarter, closing out 2020 with double-digit increases in both earnings and revenue.
According to its fourth quarter earnings report released Thursday, the investment company posted a net profit of $1.5 billion, up from $1.3 billion, and revenue of $4.5 billion, an increase of 13%, during the final three months of 2020.
On a per share basis, fourth qu...
Outsized bets on large U.S. technology companies and emerging cryptocurrencies fueled the year’s top-performing U.S. mutual fund and exchange-traded funds as the coronavirus pandemic upended global markets, while funds that bet on oil and gas companies fell nearly 100%, according to data from fund-tracker Morningstar.
The year was a challenge like few others for the $21.3 trillion mutual fund and $4.4 trillion ETF industry. U.S. stocks plunged in March before staging a more than 60% comeback, while bond yields hung near record lows for much of the year after unprecedented moves by the Federal Reserve to backstop the financial markets and keep interest rates low.
Stocks fell on Wall Street Monday, giving back some of their recent gains, as a new, potentially more infectious strain of the coronavirus in the United Kingdom raised worries that the global economy could be in for even more punishment.
The S&P 500 lost 0.4%, it’s second straight decline after climbing to an all-time high on Thursday. The benchmark index pared its loss as the day progressed, however, recovering from an earlier 2% drop. Treasury yields mostly fell, a sign that investors are worried about the economy. Crude oil prices fell on worries about disappearing demand.
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