SAN FRANCISCO (CBS SF) – All that volatility last month in the stock market may have resulted in some blows to your 401K account, but for Charles Schwab, it was a boon.
The San Francisco-based brokerage is reporting that its retail investing clients set new trading records on August 24th, the day the Dow Jones plunged by more than 1,000 points early on before regaining ground.
Schwab says there were nearly 860,000 trades that day, and since then activity has moderated.
The heavy trading last month led to a rise in client assets from a year earlier for the firm, up 1% to $2.46-trillion.
Schwab’s shares are rising on the report.