The US Securities and Exchange Commission on Friday morning released an official statement regarding the ongoing volatility in the market owing to the surging price of GameStop (GME) and AMC. Nasdaq and Robinhood suspended the trading of GME and AMC citing market manipulation. The outrage after the halting caught the eye of congresswoman Alexandria Ocasio Cortez, who called for an investigation.
The SEC in its official statement said,
The Commission is closely monitoring and evaluating the extreme price volatility of certain stocks’ trading prices over the past several days. Our core market infrastructure has proven resilient under the weight of this week’s extraordinary trading volumes. Nevertheless, extreme stock price volatility has the potential to expose investors to rapid and severe losses and undermine market confidence.
This story is being updated
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