Online traders power up silver as GameStop retreats
Wall Street began to rebound from last week’s losses amid anxiety over the chaos fueled by the speculative trading frenzy cheered on by the Reddit forum WallStreetBets and other online communities.
The Dow Jones industrial average jumped more than 223 points, or 0.74 percent, at the open. The S&P 500 gained 35 points or 0.94 percent, and the Nasdaq climbed by 170 points or 1.3 percent.
As of early Monday morning, the popular trading platform Robinhood still maintained buying restriction on eight stocks. Customers are limited to buying 700 shares in BlackBerry, 10 shares of AMC, and 1 share of GameStop, according to the company’s investing webpage. The popular trading platform drew criticism from lawmakers and business leaders last week for efforts to rein in dozens of stocks caught up in the trading chaos.
Express, Genius Brands, Koss, Naked Brand Group and Nokia are also restricted on Robinhood. The app’s list has shrunk since Friday afternoon, when more than 20 names had buying limits placed on them.
The stock frenzy has attracted so much media attention that talks are already underway to turn the Wall Street mania into a Hollywood drama. MGM has purchased the rights of a book proposal dubbed “The Antisocial Network” from best-selling author Ben Mezrich, Deadline reported Sunday. Mezrich’s 2009 book, The Accidental Billionaires: The Founding Of Facebook, a Tale Of Sex, Money, Genius and Betrayal, was adapted into the movie The Social Network.
