House holding hearing on stock market volatility

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(WILX) – A big update on the GameStop stock story. The US House is holding a hearing on stock market volatility involving the video game store.

© Provided by Lansing WILX-TV Trader Tommy Kalikas works on the floor of the New York Stock Exchange, Thursday, Dec. 6, 2018. U.S. stocks tumbled in early trading Thursday following a sell-off in overseas markets. (AP Photo/Richard Drew)

Thursday at noon, the House Financial Services Committee will hear from the CEOs of Reddit, Robinhood, Melvin Capital, and independent investor Keith Gill.

Last month, GameStop shares shot up from $18 to $350. That is after Reddit users encouraged each other to buy the stock hoping to squeeze those shorting it.

Trading app Robinhood then restricted purchases and the stock plummeted to $50 per share.

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