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GameStop Soars; Bitcoin Falls | Stock Market News | US News – U.S News & World Report Money


Stock finished mixed Monday. The Dow Jones Industrial Average gained ground, while the S&P 500 and tech-centric Nasdaq tumbled 0.77% and 2.46%, respectively.

Meanwhile, U.S. government bond yields climbed as investors anticipate an impending economic recovery and faster inflation. As of Monday, the yield on the 10-year U.S. Treasury note hit 1.37%, its highest since February 2020 and up from less than 1% at the beginning of 2021.

The Dow Jones Industrial Average rose 27 points, or about 0.09%, to finish at 31,521.

GameStop shares rise. GameStop Corp. (ticker: GME) climbed Monday after Keith Gill, a trader known as “Roaring Kitty,” said he’d bought an additional 50,000 shares of the video game retailer.

GME ended up more than 13% on the day, hitting $46. While that’s a significant one-day rise, it’s still a far cry from the nearly $500 GME reached during the height of the January Reddit stock trading bonanza.

In a testimony made last week to the U.S. House Committee on Financial Services, Gill reiterated his bullishness on the stock. “I believed – and I continue to believe – that GameStop has the potential to reinvent itself as the ultimate destination for gamers within the thriving $200 billion gaming industry,” he said in his written testimony.

Bitcoin drops after Yellen statement, Musk tweets. Bitcoin had its share of detractors Monday. The cryptocurrency dropped about 6% Monday, at one point falling below $50,000.

This comes after Treasury Secretary Janet Yellen warned investors that Bitcoin could be extremely volatile.

Earlier this month, Tesla disclosed that it had purchased $1.5 billion in Bitcoin and anticipates accepting Bitcoin payments in the future.

Cruise stocks sail higher. The coronavirus pandemic dealt a sinking blow to cruise lines in 2020. But several cruise stocks moved higher Monday, illustrating a hopeful outlook for travel in 2021.

Royal Caribbean Group (RCL) gained more than 9% Monday after its CEO announced that early booking data looked positive. Norwegian Cruise Line Holdings (NCLH) ticked up more than 6% and Carnival Corp. (CCL) rose more than 5%.

XNYS: RCL | 4:00:00 PM

78.87

price (usd)

Data as of 4:00:00 PM on 2/22/2021



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