Meme stocks favoured by retail investors soared on Wednesday in a session that saw a large uptick in derivatives trading.
Companies targeted by retail investors rallied, including the cinema chain AMC, the software group BlackBerry and the retailer GameStop all gained more than 10 per cent. AMC shares almost doubled in value by the end of the day.
An index run by Goldman Sachs that tracks the changes in the shares of companies most frequently mentioned on the r/WallStreetBets page on Reddit — a popular online forum for day traders — rose by more than a 25 per cent. It is up 60 per cent over the past two weeks.
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