U.S. Stocks Sell Off in Worst Week Since October: Markets Wrap
This content was published on January 29, 2021 - 21:01
January 29, 2021 - 21:01
(Bloomberg) Global equities slumped in a broad retreat that extended across industries amid lingering concerns that retail trading was creating havoc and as traders mulled an uncertain outlook for deploying coronavirus vaccines. Treasury yields rose.
The S&P 500 Index fell almost 2%, turning negative for the year and posting its biggest weekly decline in three months as day traders’ bids for heavily-shorted stocks fueled speculation hedge funds would need to reduce their market exposure. GameStop Corp. and AMC Entertainment Holdings Inc. soared in a return of volatility for stocks popular in internet chat rooms as brokerages said they would start to ease trading restrictions imposed after wild swings this week.
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.
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.
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Gold fell after the Federal Reserve left its benchmark interest rate unchanged and stuck with the current pace of bond-buying, aiding the dollar and putting bullion on course for the worst start to a year in a decade.