In retrospect, stock memes were inevitable. Unfortunately, it looks like a lot of brokerages weren’t ready. Vanguard, Charles Schwab, and Fidelity Investments, among others, have been experiencing outages, The Wall Street Journal reports. None of the brokerages would tell the WSJ specifically why the outages were happening. Also, Charles Schwab and TD Ameritrade are restricting trading around GameStop and AMC, as individual investors pile into these companies, MarketWatch reports. See, GameStop stock rose an astounding 1,600 percent in January alone, MarketWatch points out. What happened is a little complex, but basically boils down to traders gathering on Reddit, Discord, and elsewhere to encourage others to buy call options on the stock. The internet’s exuberance over GameStop has also affected AMC, Bed Bath and Beyond, BlackBerry, Tootsie Roll, and other companies. The trading action has further enriched some of the world’s richest people. It has also caught the attention of Janet Yellen, the US Treasury secretary. Over the last decade, most of us have seen the power that social networks can bring to bear on politics, for instance, and media. Now, social networks are disrupting finance. The pandemic has more people day trading — 2020 was a record high in the… Read full this story
- Elon Musk breaks his very brief Twitter silence to tout 'meme cryptocurrency' DogeCoin - prompting the asset to soar 60% amid concern over the Tesla founder's ability to move markets with such ease
- Dogecoin: The meme that somehow became a real cryptocurrency
- Brokerages: Low turnover a bad sign next week
- Bitcoin Hits $48,000, Setting New All-Time Record
- James Charles Shaved Head Photo Has Fans Wondering if He's Wearing Bald Cap
- Billionaire Robinhood Hero Chamath Palihapitiya Is a Pushback on Progressive Democrats
- Hill Report: who wants to talk to Reddit?
- Robinhood restricts trading on FIFTY stocks including Starbucks and GM after GameStop saga stretched the trading app's cash reserves to the limit - as billionaire investor Jeffrey Gundlach blames stimulus checks for fueling small-investor insurgency
- Robinhood’s in better shape than it looks
- The Big Read: What ‘OK boomer’ reveals about the divide between Singapore millennials and their elders
Memes have broken the brokerages have 342 words, post on www.theverge.com at January 27, 2021. This is cached page on Technology Breaking News. If you want remove this page, please contact us.