Wall Street closed sharply higher on Wednesday terminating a three-day losing streak.
Reddit and Trump Media are the first notable social media companies to begin trading publicly in the last five years. Meme stocks are typically shares in companies whose underlying business fails to justify a surge in their price. The action is often driven by small investors who for some reason pile into a stock, be it belief that a struggling company can turn itself around, a disdain for so-called short sellers — or fidelity to a former president.
Shares of Trump Media surge for a second day, GameStop’s fiscal fourth-quarter revenue misses analysts’ estimates, Merck’s treatment for pulmonary arterial hypertension receives FDA approval, and Cintas raises fiscal 2024 guidance.