European Stocks Erase Loss as Short Covering Slows, Travel Jumps
This content was published on January 28, 2021 - 17:13
January 28, 2021 - 17:13
(Bloomberg) European equities erased deep losses to close little changed, as airlines rallied and as some of the region’s most heavily shorted stocks halted the gains driven by retail traders.
The Stoxx Europe 600 Index rose 0.1% in London, wiping out an earlier slide of as much as 2.1%. Deutsche Lufthansa AG and British Airways parent IAG SA climbed after American Airlines Group Inc.’s revenue beat forecasts and as U.S. carriers were caught in the lingering rally for some shorted stocks. EasyJet Plc also rose, reversing an earlier drop following disappointing results.
American Airlines lost nearly $9 billion last year, yet its stock is surging chicagotribune.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from chicagotribune.com Daily Mail and Mail on Sunday newspapers.
U.S. Stocks Advance as Day-Trader Frenzy Eases: Markets Wrap
Bloomberg 1/28/2021 Vildana Hajric and Lu Wang
(Bloomberg) U.S. equities mounted a comeback from their worst loss since October as moves to limit retail traders’ speculation in some companies opened the door for hedge funds to load up on stocks they had been ditching.
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The S&P 500 Index rose 1% after trading platforms restricted activity in stocks whipsawed by internet chatter, from GameStop Corp. to AMC Entertainment Holdings Inc. and American Airlines Group Inc. Hedge funds that had shorted the stocks were burned in recent days, forcing them to reduce holdings in shares they loved in order to cut risk.
A Peek Into The Markets: US Stock Futures Mostly Lower Ahead Of Earnings, Economic Data benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.