Wall Street Opens Lower on Boeing Loss; GameStop Doubles; Dow Down 453 Pts By Investing.com
By Geoffrey Smith
Investing.com — Some games are too much fun to stop.
GameStop Corp (NYSE:) stock dominated the opening of trading on Wall Street on Wednesday, doubling in price from Tuesday’s close as a horde retail traders continued to squeeze short sellers out of the stock. That was despite reports suggesting that Melvin Capital, the hedge fund which had appeared to be the focus of the retail traders’ attack, had closed out of its position.
The broader market opened in more muted fashion, however, overshadowed by a record annual loss reported by Boeing (NYSE:). By 9:40 AM ET (1440 GMT), the was down 453 points, or 1.5%, at 30,484 points, The also retreated from its record high, losing 1.6% and the fell 1.9%. The , which had also surged to all-time highs earlier in the week, retraced even more, with a 2.6% drop.
Trading in other heavily shorted stocks was also volatile. BlackBerry (NYSE:) was halted with the stock up 18%.
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