“I haven’t gotten too much sleep. I’ve never done anything like this before,” says Lin, 21, who put $30,000 in AMC options last Monday and bought 35 shares of GameStop in the frenzy.
Lin, who works as a purchaser for a food distribution company, said his brokerage account peaked at nearly $280,000.
“Zoom classes have made it very easy for me to monitor the stocks all day,” Lin adds.
Buy, sell or hold?
Although GameStop shares lost ground this week following an astonishing rise, May and others are still committed to holding their positions even as the stock shed more than two-thirds of its value in the past two days.
This is life-changing : Meet the Redditors behind the GameStop saga Jessica Menton, USA TODAY
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Gavin May can’t help but constantly check his Robinhood app every few minutes following the GameStop mania.
Last Monday, his $6,000 investment in the stock market, which includes a $5,400 position in the video game retailer that he s built in recent months, broke $10,000. By last Wednesday, it peaked over $100,000.
“This is life-changing,” says May, 19, who is a freshman at Loyola Marymount University in Los Angeles. “I was euphoric. I’ve never seen more than five digits in my bank account.”
In another part of the country, Roger Lin, a senior at the University of Utah in Salt Lake City, has been waking up before dawn to check in on GameStop and AMC Entertainment before the opening bell after he saw violent swings in his TD Ameritrade account.
By Lucia Mutikani WASHINGTON (Reuters) - The U.S. economy likely contracted at its sharpest pace since World War Two in 2020 as COVID-19 ravaged servi.
WASHINGTON (AP) Stuck in the grip of a viral pandemic, the U.S. economy grew at a 4% annual rate in the final three months of 2020 and shrank last year by the largest amount in 74 years.
For 2020 as a whole, a year when the coronavirus inflicted the worst economic freeze since the end of World War II, the economy contracted 3.5% and clouded the outlook for the coming year. The economic damage followed the eruption of the pandemic 10 months ago and the deep recession it triggered, with tens of millions of Americans left jobless.
Thursday s report from the government estimated that the nation s gross domestic product its total output of goods and services slowed sharply in the October-December quarter from a record 33.4% surge in the July-September quarter. That gain had followed a record-shattering 31.4% annual plunge in the April-June quarter, when the economy sank into a free-fall.
The U.S. economy had its worst year since World War II, shrinking 3.5% in 2020
The pandemic s blow to the economy early last spring ended the longest U.S. economic expansion on record – nearly 11 years.
By MARTIN CRUTSINGERAssociated Press
People check in at a food bank in Los Angeles in December. Jae C. Hong/Associated Press
WASHINGTON Stuck in the grip of a viral pandemic, the U.S. economy grew at a 4 percent annual rate in the final three months of 2020 and shrank last year by the largest amount in 74 years.
For 2020 as a whole, a year when the coronavirus inflicted the worst economic freeze since the end of World War II, the economy contracted 3.5 percent and clouded the outlook for the coming year. The economic damage followed the eruption of the pandemic 10 months ago and the deep recession it triggered, with tens of millions of Americans left jobless.