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EXPLAINER: Why GameStop's stock surge is shaking Wall Street

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Copyright 2021 The Associated Press. All rights reserved.

Pedestrians pass a GameStop store on 14th Street at Union Square, Thursday, Jan. 28, 2021, in the Manhattan borough of New York. Robinhood and other online trading platforms are moving to restrict trading in GameStop and other stocks that have soared recently due to rabid buying by smaller investors. GameStop stock has rocketed from below $20 to more than $400 this month as a volunteer army of investors on social media challenged big institutions who has placed market bets that the stock would fall. (AP Photo/John Minchillo)

NEW YORK – It's not just you. What's going on with GameStop's stock doesn't make sense to a lot of people.

The struggling video game retailer's stock has been making stupefying moves this month, wild enough to raise concerns from professional investors on Wall Street to the hallways of regulators and the White House in Washington.

The frenzy hit new heights Thursday when several trading platforms limited their customers from making certain trades with GameStop.

It's all forcing hard questions about whether the stock market is in a dangerous bubble and whether a new generation of traders should be allowed to take full advantage of all the tools and free trades available on their phones, regardless of how reckless they may seem to outsiders. At the same time, champions of the 99% are cheering louder from the sidelines, saying the moves mean that hedge funds, Wall Street and the 1% are finally getting their comeuppance.

Here's a look at how we got here:

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WHAT IS HAPPENING WITH GAMESTOP’S STOCK?

It’s been maniacal this month. After sitting around $18 three Fridays ago, it doubled in four days. It kept shooting higher, before nearly doubling on Tuesday and then more than doubling again on Wednesday to $347.51. On Thursday, it gave back a chunk of those gains and finished the day at $193.60, down 44%. But it’s still up an amazing 928% through the first few weeks of 2021.