The frenzy in GameStop stock in 2001 happened shortly after stimulus checks went out
Amateur investors took the stock market by storm a year ago, buying up shares of meme stocks like GameStop and AMC Entertainment. Many remember it as a revolution against Wall Street, but in the end, they largely just lined the pockets of major financial firms. WSJ’s Dion Rabouin explains. Illustration: Sebastian VegaMeme stocks were one of the biggest market phenomena during the pandemic.
And federal stimulus payments appear to have done a lot to fuel the surge.that began circulating this past week in academic circles. The research found that shares of meme stocks—speculative investments often driven by chatter on internet forums—soared in the weeks after individual investors received their first two rounds of federal stimulus checks. These meme investments, the study found, delivered gains that beat out non-meme stocks by as much as 19 percentage points.
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