Memes have broken the brokerages
In retrospect, stock memes were inevitable. Unfortunately, it looks like a lot of brokerages weren’t ready.
Vanguard, Charles Schwab, and Fidelity Investments, among others, have been experiencing outages, The Wall Street Journal reports. None of the brokerages would tell the WSJ specifically why the outages were happening. Also, Charles Schwab and TD Ameritrade are restricting trading around GameStop and AMC, as individual investors pile into these companies, MarketWatch reports.
See, GameStop stock rose an astounding 1,600 percent in January alone, MarketWatch points out. What happened is a little complex, but basically boils down to traders gathering on Reddit, Discord, and elsewhere to encourage others to buy call options on the…