U.S. stocks ripped again yesterday, building on a strong rally in the previous trading session as concerns about a speculative retail trading frenzy continued to ease.
Many of the stock picks popularized on Reddit’s wallstreetbets forum last week extended Monday’s losses, giving back more of last week’s sharp gains. GameStop sank more than 40% following a 31% slide on Monday, bringing the stock down below $100 per share at session lows from a peak of $483 last week.
Amazon reported another round of record-setting quarterly results, as consumers still under stay-in-place restrictions turned in droves to the e-commerce platform, especially over the holiday shopping season. Amazon had revenue of $125 Billion in the 4th quarter. The company also announced that their founder Jeff Bezos will be stepping down as CEO. Andy Jassy their head of web services will take over Bezos’ role.
Google’s parent company, Alphabet, reported 4th quarter earnings that beat analysts’ expectations. Revenue grew by 23% propelled higher by their advertising business.