One 26-year-old Robinhood trader made $1,500 in less than 24 hours betting on a beaten-down airline stock.
that the market's strong performance over the last three weeks has "humbled" him and that he underestimated the power of the Federal Reserve.
Stocks have soared in June, helped by the historic Labor Department jobs report that showed the U.S. economy added a record 2.5 million jobs in May. Wall Street was calling for a decline of 8.3 million. The unemployment rate dropped to 13.3%, far better than the expected 19.5% rate.The technology-heavy Nasdaq Composite hit a new all-time high on Monday, the first of the major averages to make back all of its losses from the Covid-19 sell-off. The S&P 500 went positive for the year on Monday.
Robinhood — which serves more than 10 million customers with an average client age of 31 — saw new investors piling into stay-at-home stocks and those most beaten down by the economic shutdown, like airlines, casinos and hotels. Traders also bought into speculative names like Hertz and Nikola.
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