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Market Wraps-Dow Average Touches 40,000

The S&P 500 hovered near 5,300. The Dow Jones Industrial Average fluctuated around 39,900 after touching 40,000 for the first time on Thursday.

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Bloomberg chart

GameStop Corp. tumbled on plans to sell up to 45 million shares, further demolishing the meme-fueled rally that had sent the stock soaring at the start of the week.

About $3 trillion of options were due to expire Friday, according to Rocky Fishman at Asym 500. While trading in short-dated contracts has grown, the monthly event is still on Wall Street’s radar as it obliges investors to roll over existing positions or start new ones, potentially leading to sudden price swings.

Treasury 10-year yields rose three basis points to 4.4%. The dollar was little changed.

Investor sentiment hit levels that signal market “euphoria,” driven by a spike in trading volumes amid rallies earlier this week in meme stocks like GameStop Corp. and AMC Entertainment Holdings Inc., according to Citigroup Inc.


Image: Nasdaq