GameStop is Still Trending Up – Financial News Summary for Wednesday, February 24, 2021

GameStop is Still on a Roll
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The market saw a relatively good day today with all three major New York exchanges coming in positive. This included the Dow Jones, which rose 1.35% to 31,961.86; the NASDAQ, which rose 0.99% to 13,597.97; and the S&P 500, which rose 1.14% to close at 3,925.43. STOXX Europe saw an increase of 0.46% to close at 413.21.


GameStop doesn’t seem to be over it’s volatility just yet. In fact, stock rose 104% throughout the course of the day. And this after the stock had to be stopped twice. The first time because it rose 74% and the second when it reached the 104% peak for the day. In fact, the stock managed to gain in after-hours trading as well. There’s no telling just what could be coming for the company, though it’s unlikely that they will be able to match the fervor that they enjoyed just last month. Still, it’s possible that the company will be able to make some improvements and they are hoping to see a good turnaround, even replacing some at the top in order to facilitate those changes.


TJ Maxx is hoping that as the stores start to reopen and customers get back out there, they’re going to be more interested in buying and that might help them improve sails. This after the company has suffered some serous losses over the last year. The idea is that people will actually spend more on items after they are able to return to shopping post-pandemic than they would have previously.

Revenge shopping is a “theory that once the pandemic is over, people will go out and spend loads as revenge for being restricted from so long,” said Neil Saunders, managing director at GlobalData Retail.

“We are very optimistic,” NRF CEO Matthew Shay said in a news release. “Healthy consumer fundamentals, pent-up demand and widespread distribution of the vaccine will generate increased economic growth, retail sales and consumer spending.”


Oil prices rose slightly today to close up 0.49% at $63.53 per barrel with West Texas Intermediate. Gold prices closed down slightly, by 0.16%, to finish at $1,803.56 per ounce. Coming into the middle of the week the treasury yield is also still rising, with the 10 year yield coming in at 1.38 while the 30 year yield came in at 2.24.

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