GameStop Stock Jumps to New Record
GameStop Corp. shares surged to a record in Monday in the latest sign that frenetic trading by individual investors is leading to outsize stock-market moves.
Class A shares of the Texas-based games retailer popped 44% to $93 a share, extending their ascent so far in 2021 to about 400%. The rapid gains prompted the New York Stock Exchange briefly to stop trading in the stock four minutes into Monday’s session.
That followed a hectic premarket session in which GameStop’s stock price soared and more than 10 million shares traded hands, far above the average.
The rally has been fueled by individual investors, encouraging each other on social media to pile into GameStop shares and options. The buying pressure has led money managers to switch out of…