Finance Breaking news Robinhood blocks GameStop stock purchases last financial news
Breaking-Finance.Com - Robinhood has stopped users from buying several stocks - including GameStop - at the centre of the Reddit-led price rally.
Breaking-Finance.Com - Robinhood has stopped users from buying several stocks - including GameStop - at the centre of the Reddit-led price rally. In a blog, Robinhood says it is "restricting transactions for certain securities to position closing only". Others, including TD Ameritrade, have also put restrictions in place.Among the affected stocks are GameStop, BlackBerry and Nokia, which have been targeted in an assault over the last few days by day traders who use the WallStreetBets subreddit.GameStop, a loss-making video games retailer, has seen its share price rise by more than 700% since last week as Reddit users made their push, inflicting billions of dollars of damage on hedge funds that were shorting the stock.By Monday, one hedge fund - Melvin Capital - needed a $2.
.The day traders have since targeted a host of other stocks, pushing up their prices, with the hugely popular trading app Robinhood used for much of the action.With newly-appointed Treasury Secretary Janet Yellen “monitoring the situation” Robinhood took action on Thursday to stop users buying the affected stocks.The move has sparked fury on social media, with users accusing Robinhood, Wall Street and regulators of protecting the big hedge funds against individual traders.I fixed it for you pic.twitter.com/WE8xtwGl19— Mike McLean (@mikemcln) January 28, 2021
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