CHICAGO — A Wall Street game is getting rigged by a group of newcomers.
A group of small day traders organized on Reddit have shot shares of GameStop up 1,700% this month and nearly 1,000% in a week.
Day traders are buying the stock in droves to raise its price because hedge fund managers have shorted it. What does that mean, and should you be a day trader?
ABC's Rebecca Jarvis and Financial Advisor Mark Grywacheski got into the topic Thursday, January 28th. Grywacheski does not advise becoming a day trader.
"These short-term 'let’s all jump on the bandwagon' plays typically end messy," Grywacheski said in an email Thursday.
Late Thursday morning, GameStop's stock was already back down 32%. AMC's was down 47, and Nokia's was down 25.
Your Money with Mark aired live in between 11 and 11:30 a.m.