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(Reuters) – Shares of GameStop surged as much as 53% and other so-called meme stocks rallied, lifted by the latest news from the video game retailer and expectations that investors may soon plow a fresh wave of stimulus checks into the equity market.

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GameStop shares last traded up 29.2% at $178.01, after earlier reaching $210.87, their highest level since Feb. 1, after the company tapped shareholder and Chewy co-founder Ryan Cohen to spearhead a new committee to help its transition to an e-commerce business. The stock was up as much as 53% earlier in the session.

Other stocks favored by retail investors on forums such as Reddit’s WallStreetBets also rallied, with some market watchers attributing the moves to the