Archegos Stocks Rise as Traders Shrug Off Fresh Block Trades
- ViacomCBS, Vipshop, Farfetch erase losses and advance Tuesday
- Credit Suisse is latest firm to have offered blocks of shares
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Stocks tied to the Archegos Capital Management blowup ended the session higher on Tuesday as investors brushed news that Credit Suisse Group AG unloaded more than $2 billion of the shares in the latest block trades stemming from the liquidation of Bill Hwang’s fund.
ViacomCBS Inc. erased early losses and gained 3.4%, Vipshop Holdings Ltd. rose 5.8% and Farfetch Ltd. 4.7% on Tuesday after the Swiss bank was said to have unloaded shares. Credit Suisse also advanced 0.9% in U.S. trading after rising earlier in Zurich, even after the bank said it will take a 4.4 billion-franc ($4.7 billion) writedown tied to the implosion of Archegos. The S&P 500 Index fell 0.1%.