May 29, 2024

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Major indexes regain lost ground; GameStop, AMC swing wildly | National

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NEW YORK (AP) — Stocks were moving sharply higher Thursday afternoon, a day after sinking to their worst loss since October.

Investors continued to closely watch the wild swings in GameStop, AMC and several other stocks which have become targets for hordes of online investors who have sent them skyrocketing in recent days, taking on big hedge funds who have bet they will fall.

Several of those stocks fell sharply after Robinhood and other trading platforms restricted trading in them. The chaotic trading action is drawing calls from Sen. Elizabeth Warren and others for regulatory action to curb the frenzy.

The S&P 500 was up 2% as of 12:53 p.m. Eastern, recovering much of the ground it lost a day earlier. The Dow Jones industrial average was up 587 points, or 1.9%, to 30,888. The Nasdaq composite was up 1.6%.

Mike Zigmont, director of trading and research at Harvest Volatility Management, said the cascade on Wednesday likely started when larger institutions started taking steps to reduce their exposure to risk at the same time, partly because of the sharp and questionable gains in several stocks. That prompted others in the market to follow suit, accelerating the decline. Similar sentiment may be driving shares higher Thursday.

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