WSB (WallStreetBets) is a Reddit community of investors and traders who follow the stock market. The WSB list includes stocks that receive a lot of media attention and have a strong sentiment from retail investors. The popularity of these stocks among retail investors combined with social media creates viral trends with a global reach and large price movements. WSB investors are attracted to "meme stocks" and popular "blue-chip" stocks due to their familiarity, volatility and momentum. Since meme stocks often experience rapid price movements, traders can potentially make quick profits as more investors rally around a stock, creating a sense of community among meme stock traders. Many people who invest in meme stocks are active participants in online forums and social media groups where they share information and insights about trading strategies, market trends, and individual stocks.
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US stocks closed | All three major indices rose for the entire week! The Dow Jones hit a new closing high, Tesla rose nearly 4%; cryptos concept stocks all rose, MSTR increased by over 6%.
Funds flowed out of technology stocks and into economically sensitive cyclical stocks. The Nasdaq fluctuated between gains and losses, dragged down by over 3% drop in Nvidia and 1.7% drop in Google Class A. The Dow Jones rose by about 1%, small caps rose by 1.8%, and Chinese concept stocks fell by 1.4%. The S&P 500 and Nasdaq accumulated gains of 1.7% for the week, the Dow rose by about 2%, Tesla rose nearly 10% for the week, and Super Micro Computer soared by over 78%, its best week ever. MicroStrategy, known as a 'Bitcoin whale', rebounded by 6% on Friday. Economic weakness pushed the Euro to a two-year low, while the US Dollar rose for the third consecutive week to a two-year high. Offshore Renminbi fell by over 200 points for the week to nearly a four-month low. US oil had its best two-month gain with a 6.5% increase for the week, gold rose by over 1% to surpass $2700, marking its best week in over a year with a 5.7% increase.
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