GameStop surges 30% to lead meme stock rally in otherwise boring market

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GameStop surges 30% to lead meme stock rally in otherwise boring market
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The videogame retailer surged as much as 30% Tuesday in heavy trading volume.

Meme stocks rally

Outside of the group favored by retail investors, the stock market seemed to be dull with most investors eagerly awaiting a key Federal Reserve summit Thursday and Friday. The S&P 500 inched up 0.3% in afternoon trading. Overall volume was light Tuesday with the SPDR S&P 500 ETF trading 24 million shares, about a third of its 30-day average, according to FactSet.

The Jackson Hole symposium is expected to be market-moving as central bankers could detail their plans for tapering monetary stimulus. The Fed has started discussions to pull back its minimum $120 billion a month bond-buying program by the end of this year. The short interest in these meme stocks remained elevated. About 28% of AMC's float shares are sold short, compared to an average of 5% short interest in a typical U.S. stock, according to S3 Partners. For GameStop, the short interest has declined drastically to about 10% from more than 100% in January at the height of the meme stock mania.Sign up for

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