Markets finish worst week since October

1 month ago
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Jan. 29 (UPI) — The Dow Jones Industrial Average lost more than 2% by the close of trade Friday, closing out the worst week for the index since October.

All three major U.S. stock indexes fell by more than 3% for the week amid market volatility related to the trading of shares in businesses such as GameStop and AMC.

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Investors drove up the prices of the companies’ shares this week in an attempt to undermine hedge fund efforts to short the stocks. Stocks for GameStop fluctuated between $ 483 and $ 112 Thursday.

The Dow fell below 30,000 for the first time since mid-December, losing 3.28% for the week. The S&P 500 closed at 3,714, dropping nearly 2% Friday and the Nasdaq Composite closed at 12,070, falling 2%.

All three indexes dropped more than 3% for the week.

Shares of GameStop jumped nearly 68% Friday after stock trading app Robinhood agreed to ease restrictions it placed Thursday out of concern for market volatility.

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Business News – UPI.com

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