Dow losses grip on 30,000 and heads for 1,000-point weekly skid as stock market focuses on frenzy in GameStop, others
U.S. stocks saw losses accelerated Friday midday, with investors fixated on concerns related to continued short squeeze in popular trading names like GameStop and AMC Entertainment Holdings. Fears about the effectiveness of new vaccines amid new strains of COVID-19 were also rattling investors that have been wrestling with news on the virus and a glut of corporate quarterly results. The Dow Jones Industrial Average [: DJIA] was down 600 points, or 2%, at 29,990, the S&P 500 index
was off 2.1% at 3,709, while the Nasdaq Composite Index [: COMP] was 2.2% lower Friday. GameStop shares
were up 70% on Friday after trading app Robinhood said it would allow limited purchases of the stock. Robinhood restricted trading Thursday of GameStop, AMC
and others caught up in a wave of buying by individual investors spurred on by a Reddit message board. However, market participants fear that the renewed surge in prices will ripple through the market taking down hedge funds and forcing liquidations of other assets.