![]() ![]() ![]() Last week, Deutsche Bank released a survey of online investors that found 37% said they planned to invest a "large chunk" of their stimulus checks in the stock market. She added that promotion is only open to existing Robinhood customers. "Like other brokerages and financial institutions, we regularly run promotions to reward and celebrate our customers," the spokeswoman told CBS MoneyWatch. Robinhood's website says to "keep in mind" that while customers can't withdraw their cash bonus for 60 days, they can use the money to invest in the market immediately.Ī spokeswoman for Robinhood said the timing of the brokerage app's deposit reward program and the most recent stimulus bill is just a coincidence, and that the promotion is not geared toward attracting government payouts. The brokerage app will pay out the rewards starting April 5. Deposits over $1,000 and up to $2,500 will be rewarded with an additional $25 from Robinhood. The company launched the "Robinhood Cash Rewards" promotion on March 15. Robinhood's recent promotion, which will temporarily give existing customers a cash reward for depositing new funds, is well-timed to capture a fair amount of those stimulus checks. He said investors in their 20s or early 30s shouldn't be afraid to risk their stimulus checks in the market, even suggesting it might be smart to use the money coming from the government on shares of such meme stocks as GameStop and AMC Entertainment. On his CNBC television show, former hedge fund manager Jim Cramer earlier this week recommended stocks that individuals could buy with their stimulus checks. Robinhood would not be alone in fueling a stimmy stock rally. "We will have a few weeks of extra money and a few weeks of putting your last, desperate chips into the game, and then an even more spectacular bust," he warned in a recent Bloomberg interview. Legendary investor Jeremy Gratham recently predicted that stimulus money flowing into the stock market would soon cause a problem for investors. ![]() Indeed, a number of stock market strategists are worried about a coming "stimmy" rally on Wall Street. Robinhood, the popular stock-trading app at the heart of the recent rise of GameStop and other "meme" stocks, has launched a promotion that may inspire many of its young customers to pour their government stimulus checks into the stock market. (NYSE:CMG), down a lot today, is the one you want to go with."ĭon’t forget to check out our premarket coverage here.Many Americans pour stimulus money into stock market 04:37 "My take is that Chipotle Mexican Grill, Inc. "Got a big menu there, lot of choices, that’s OK," Cramer said, when asked about The Cheesecake Factory Incorporated (NASDAQ:CAKE). (NASDAQ:SMCI) is a "good one, but you know it’s second to NVIDIA Corporation (NASDAQ:NVDA) as a way to play AI." (NYSE:PLTR), he said, "I had been against Palantir for some time until they put together a terrific quarter, and I told the CFO that, and I think they should come on because the stock’s going higher."Ĭramer said Super Micro Computer, Inc. When asked about Palantir Technologies Inc. (NYSE:TOL), and I prefer Lennar Corporation (NYSE:LEN), but I’ve got to admit the guys at Tri Pointe have really put together a fabulous business plan, and housing continues to go up in price no matter what the Fed does." On CNBC’s "Mad Money Lightning Round," Jim Cramer said Tri Pointe Homes, Inc. ![]()
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