GameStop, AMC shares jump as traders on Reddit band together

Shares of GameStop continue to surge Wednesday.

It has been a big week for GameStop shares.

The struggling video game retailer was trading above $450 a share Thursday morning, more than double its close of $147 on Tuesday. At the start of 2021, shares of GameStop closed at $17.25 on Jan. 4. Since then, shares have surged more than 1,000% this year alone, compared with just a 1% rise in the S&P 500, the broader benchmark for most mutual funds.

The primary reason for the surge? Smaller investors who have banded together in places like Reddit, under the subreddit r/WallStreetBets.

And it's not just GameStop. Shares of AMC Entertainment jumped more than 230% Wednesday as the Twitter trend #SaveAMC spread amid concerns the movie theater chain might file for bankruptcy due to the COVID-19 pandemic keeping moviegoers away.

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