GameStop shares closed 68% higher on Friday, bringing their gain for the week to 400%
 | FRI, JAN 29, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 131.96 | -5.13 | -3.74% | | MSFT | 231.96 | -6.97 | -2.92% | | INTC | 55.51 | -0.56 | -0.99% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 131.96 | -5.13 | -3.74% | | AAL | 17.17 | -0.93 | -5.14% | | GE | 10.68 | -0.41 | -3.70% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 131.96 | -5.13 | -3.74% | | AMD | 85.64 | -1.88 | -2.15% | | MSFT | 231.96 | -6.97 | -2.92% | |
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The wild trading in heavily shorted stocks continued on Friday as GameStop rebounded from its Thursday losses to finish up 68% for the day and 400% for the week. The stock's bounce on Friday came after Robinhood announced that it would ease restrictions on trading that it had implemented on Thursday, but Robinhood tightened those restrictions on GameStop and dozens of other stocks throughout the session. In an amazing sight, the broader stock market seemed at times to be moving in the opposite direction of the once forgotten video game retailer, with the major indexes dipping lower when GameStop made intraday surges. GameStop going higher is seen as bad for the market as its rally is hitting hedge funds who bet against the stock with losses and raising concerns about a market mania that could grow in its danger to the system the more those shares and other stocks trumpeted by the retail trading crowd surge.  Stocks had their worst week since October. Still, many on Wall Street believe the market dislocation does not yet pose a large threat to the market. "While we expect some more deleveraging, ultimately the scale of the problem appears quite limited. The total dollar value of short interest is ~$800Bn but that for stocks with a short interest to float ratio greater than 20% is only $40Bn," Barclays strategist Maneesh Deshpande said in a note. Catch The News with Shepard Smith at 7 p.m. ET on CNBC. The nightly newscast provides deep, non-partisan coverage and perspective on the day's most important stories. |
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