GameStop rallies over 70%, other memes stocks surge as well
The first Wall Street trading session of a new week is marked with a strong rally on shares associated with 2021 memestock mania. GameStop rallies over 70% while AMC Entertainment (AMC.US) adds around 20% at press time. Rally was sparked after Roaring Kitty, a trader associated with WallStreetBets stock betting community during early-2021 mania, posted a tweet after three years of inactivity. While the meme did not hint at GameStop, online community rushed to buy company's shares. Magnitude of the move on GameStop suggests that a short squeeze is likely taking place, with short positions being wiped out.
Taking a look at GameStop chart (GME.US), we can see that the move higher at the launch of the session was very rapid, and the stock has erased part of the gains recently. While the stock has moved off the daily highs, it continues to trade over 70% higher on the day. Rally on meme stocks supports small-cap Russell 2000 index, which is the best performing Wall Street index today.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile app
GameStop rallies over 70% today. However, stock was trading over 100% higher at one point of today's session. Source: xStation5
Russell 2000 (US2000) is the best performing Wall Street index today. Index rallies around 1% and erases all the Friday's losses. Bulls are making another attempt at breaking above the 2,090 pts resistance zone. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
