Why GameStop Stock Is Rising Today
Shares of GameStop (NYSE: GME) rose 2.4% in morning trading Thursday as the sell-off that followed fears of China's largest property owner defaulting on its loans dissipated. The broad market indexes have regained all the ground lost since the China Evergrande crisis broke.
While you wouldn't think a default by a Chinese company would trigger a global rout, as it did on Monday, it signaled how much China's economy is weakening, and the potential losses by Evergrande could cause a cascading effect that would spread around the world. China sought to stabilize its financial system by injecting $17 billion into it.
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Source Fool.com
