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Exchange Repeatedly Halts Gamestop Trading as Price Surges Past $100

February 25, 2021

The New York Stock Exchange repeatedly halted trading in the stock of the video game retailer GameStop on Feb. 25 as its price surged above $100 per share in overnight trading. The stock has been favored by small investors who congregate on the Reddit forum r/Wallstreetbets. As of 10 a.m., the exchange blocked trading of GameStop four times, at 9:33, 9:42, 9:48, and 09:56 a.m., each time for about five minutes. That means traders were only able to buy it for about 10 minutes in the first 30 minutes since the exchange opened. The price shot above $160 right after opening, but then dropped to less than $110, coinciding with the first three halts. It then climbed above $130. The halts were triggered by the stock price increasing or decreasing too quickly, the exchange stated on its website, citing the Limit Up-Limit Down (LULD) rule. The rule was adopted by … Read More

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