Stocks then moved back up and ended the day at $265, a 7% increase for the day.  GameStop shares spiked Wednesday, reaching $348 apiece, only to come crashing down to $172 each early in the afternoon, causing multiple halts in trading of the stock due to volatility. That surge coincided with a lift to the entire stock market after Saturday's passage of the COVID relief bill in the Senate, as well as with an announcement that the video game retailer is developing a new e-commerce strategy, with Chewy.com founder Ryan Cohen heading that effort.  The past two days were a buying frenzy for the video game retailer's stock since Monday, when it was $136.

March 8 (Reuters) - Shares of GameStop jumped more than 40% on Monday and other so-called meme stocks rallied, lifted by news from the video game retailer and expectations that investors may plow funds from coming stimulus checks into the equity market. However, we may receive compensation when you click on links to products or services offered by our partners. It has not been provided or commissioned by any third party. The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships.

Shares moved back up a bit in late February following news that Jim Bell, the chief financial officer, is resigning. Bell didn't leave the company willingly, according to Business Insider, and was reportedly pushed out by the board. There are concerns that zero-commission brokers contribute to the volatility of the market and give inexperienced people access to risky trading options.  The Senate Banking Committee held a hearing Tuesday to discuss recent GameStop volatility and the "gamification" of trading by popular investing apps like Robinhood.

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