“It has been tempting for some to dismiss this retail investor phenomenon as nothing more than a mob of young irresponsible gamblers treating the stock market like a casino,” elerianm wrote in Bloomberg. “That would be a mistake.”
Shares in videogame retailer GameStop GME, -10.73% have risen more than 20% this week while cinema group AMC’s AMC, -27.68% stock price has nearly doubled, and shares in technology group BlackBerry BB, +13.44% rose more than 30% on Wednesday alone. While GameStop and AMC have dropped slightly in the premarket, BlackBerry was up.
“It has been tempting for some to dismiss this retail investor phenomenon as nothing more than a mob of young irresponsible gamblers treating the stock market like a casino,” El-Erian said, writing in Bloomberg. “That would be a mistake.” Plus, this essential reading: Tendies? Diamond hands? Your guide to the lingo on WallStreetBets, the Reddit forum fueling Gamestop’s wild rise
The U.S. imposed tariffs on the U.K., India, and four other countries on Wednesday in response to national taxes on U.S. technology companies. But the tariffs were immediately suspended for six months to leave room for international negotiation on digital services taxes.
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