SEC monitoring market volatility after GameStop, AMC trading chaos

The NYSE posted its largest volume day of the year Wednesday

Following days of enormous and unusual swings in stocks including GameStop and AMC, as well as concerned comments from the White House, the Securities and Exchange Commission has disclosed it is monitoring the situation.

"We are aware of and actively monitoring the on-going market volatility in the options and equities markets and, consistent with our mission to protect investors and maintain fair, orderly, and efficient markets, we are working with our fellow regulators to assess the situation and review the activities of regulated entities, financial intermediaries, and other market participants" Acting Chair Allison Herren Lee, Pete Driscoll, Director, Division of Examinations, Christian Sabella, Acting Director,  Division of Trading and Markets said in a statement.

TickerSecurityLastChangeChange %
GMEGAMESTOP194.50+56.76+41.21%
AMCAMC ENTERTAINMENT HOLDINGS INC9.29+1.24+15.40%

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Many of the stocks, including Bed Bath & Beyond and Blackberry, have become the target of short-sellers who bet on the share price falling, forcing a mechanism called short-covering driving up the stock prices. The four names have seen triple-digit percentage increases over consecutive trading days.

White House Press Secretary Jenn Psaki was asked about the situation earlier today "Our team including Secretary Yellen and others are monitoring the situation" she said.

TickerSecurityLastChangeChange %
BBBYBED BATH & BEYOND, INC.30.97+2.88+10.25%
BBBLACKBERRY LTD.9.75+0.30+3.17%

U.S. trading volume across all stock exchanges had the biggest day of the year with over 23 billion shares trading hands, as tracked by Dow Jones Market Data Group.

GAMESTOP, AMC GYRATIONS HIT CHARLES SCHWAB, TD AMERITRADE WITH OUTAGES

The heavy volume caused mobile outages at Charles Schwab and TD Ameritrade as the firm's managed some communication via Twitter.

As individual investors vented online.

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The SEC is currently without a permanent chair as President Biden's pick, Gary Gensler, awaits confirmation. Gensler, who once was Chairman of the Commodity Futures Trading Commission, is expected to take on his role with a tougher stance towards Wall Street.