GameStop Soars Again; Wall Street Bends Under the Pressure

Pedestrians pass the New York Stock Exchange, in New York, on Jan. 27, 2021. John Minchillo/AP Photo

Another bout of selling gripped the U.S. stock market Friday, as anxiety mounts over whether the frenzy behind a swift, meteoric rise in GameStop and a handful of other stocks will damage Wall Street overall.

The S&P 500 dropped 1.9 percent, giving the benchmark index its biggest weekly loss since October. The Dow Jones Industrial Average and Nasdaq each fell 2 percent.