Pay much attention to the stock market? According to CNBC if you are a millenial you are paying very close attention and investing accordingly.
TD Ameritrade CEO Tim Hockey told CNBC on Tuesday, “There has been a “spectacular” increase in retail investor activity, thanks in part to cryptocurrencies and marijuana-related securities.”
The stats say millennials are responsible for 72 percent of new accounts in the fourth quarter compared with a year earlier. “Right now there is frenetic activity from a retail trade point of view,” Hockey said in an interview with “Closing Bell.”
CNBC reports, after the bell Monday, fourth-quarter earnings and revenue beat analyst expectations. Its daily average trades were 726,000 in the fourth quarter, up 49 percent from a year earlier.
No doubt those 35 and younger strongly believe bitcoin and the herb are sound investments. Not necessarily in that order. Hockey also announced TD Ameritrade is extending trading hours on its platform to 24 hours, five days a week for several popular exchange-traded funds. He said, “the move makes sense because market-moving events happen overnight.”