Robinhood Markets Inc HOOD on Tuesday unveiled extended trading hours for its brokerage platform, building on the company's aim to make investing more accessible for all.
What Happened: Robinhood announced that it's working toward offering 24/7 investing for its customers. In a first-step effort toward around-the-clock investing, Robinhood has launched new extended trading hours that allow customers to trade from 7 a.m. to 8 p.m. ET.
Robinhood previously offered trading from 9 a.m. to 6 p.m. ET. In total, the company added four hours of trading time for Robinhood users. It seems the move comes as a response to customer demand.
"Our customers often tell us they're working or preoccupied during regular market hours, limiting their ability to invest on their own schedule or evaluate and react to important market news," according to the trading platform.
"Our new extended trading hours for equities will give them more opportunities to manage their portfolio at a convenient time for them, whether that’s in the early morning or in the evening."
Why It Matters: Robinhood was the first brokerage platform to offer commission-free trading, which other brokerages quickly followed up as demand for trading without fees skyrocketed. Since that time, Robinhood has introduced cryptocurrency trading, fractional shares, automatic investments and 24/7 customer support.
The company's newest move builds on its mission to give customers unprecedented access to the financial markets. Although the company is catching up to other brokerage platforms with extended trading hours, a 24/7 investing offering would be the first of its kind in traditional markets.
HOOD Price Action: Robinhood shares were rallying 6.95% to $13.70 Tuesday morning, according to Benzinga Pro.
Photo: courtesy of Robinhood.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.