Robinhood stock soars on trading hours extension

Robinhood shares soared after announcing plans to extend trading hours for customers an extra six and a half hours of trading daily.

Ticker Security Cargo Change Change%
HOOD ROBINHOOD MARKETS INC. 15.91 +3.10 + 24.20%

The stock rose over 24%, the largest increase since Aug. 4, 2021, when it gained over 50% as tracked by Dow Jones Market Data Group.

The new time band includes 2.5 hours before or 7 am ET ahead of the 9:30 am ET traditional opening bell, while after-hours trading continues for four additional hours to 8 pm ET following the 4 pm ET traditional close.

The change was prompted by feedback from customers, some of whom said they are preoccupied during traditional market hours.

“In fact, we’ve seen a community of Robinhood early birds and night owls who log in exclusively outside of regular market hours. They’re juggling a lot, from full-time jobs to school, families and side gigs. Our new extended trading hours for equities will give them more opportunities to manage their portfolio at a convenient time for them, whether that’s in the early morning or in the evening, “the company wrote on its blog.

Ticker Security Cargo Change Change%
SCHW THE CHARLES SCHWAB CORP. 91.22 -0.58 -0.63%

Interactive Brokers already offers select clients extended trading hours. Pro account customers can start at 4:00 AM ET through the market open and restart at 4 PM ET until 8:00 PM ET. For Lite accounts, trading begins at 7:00 AM ET and lasts until market opens and restarts at market close until 8:00 PM ET.

Longer hours allow investors to trade after the bell earnings news and foreign markets, among other events.

Robinhood, which boasts 17.3 million active monthly users, went public in July 2021.

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