U.S. stocks closed their worst week since October on Friday as day traders on Reddit continued to furiously attack shorts, creating massive volatility. GameStop, AMC, and other popular Reddit stocks rose as day traders resumed their risky positions. Very volatile names bought well all week. Moves by Robinhood, Interactive Brokers and other platforms to temporarily restrict trading temporarily reduced profits before rallies on Friday reduced losses. Market participants fear that short retailers will force hedge funds to hedge their falling bets by selling their long positions. While the phenomenon has only rocked a few funds, strategists have raised concerns about growing market disruption. Here were the American clues at 4 p.m. ET closes on Friday: S&P 500: 3,714.04, down 1.94% Dow Jones Industrial Average: 29,980.84, down 2.03% (622.52 points) Nasdaq Composite: 13,070.69, down 2.00 % “Taking the pressure off is like buying a lottery ticket. You could profit from it, but you could also lose it all, ”said Lindsey Bell, chief investment strategist at Ally Invest. “This type of speculative trading is more about luck than skill.” The Securities and Exchange Commission announced on Friday that it is monitoring recent market volatility for signs of wrongdoing. Wild volatility in stock prices could expose investors to “quick and serious losses” and undermine general confidence, the agency said.
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