The stock market is booming and stocks are surging.
And now it seems the stock market has a way to celebrate as the Obama administration says it is buying up Robin Hood stock.
The Treasury Department said on Wednesday that it is opening an investigation into Robin Hood, a company founded in 1776, after learning of complaints about its stock trading practices.
The agency said it had received information from the Securities and Exchange Commission about trading of Robin Hood shares on the Nasdaq Stock Market, which has been in a bear market since last year.
The government has been looking into the stock, which is traded on the Chicago Stock Exchange, since October 2016.
Robin Hood’s shares surged more than 1,000% in 2017, while its competitors fell about 50%.
The stock was down about 9% by the end of this year, but rebounded.
The S&P 500 fell more than 3% in the same period.
The SEC also opened an investigation after the Securities Industry and Financial Markets Association complained to the agency in March about Robin Hood’s stock trades.
The regulator said in a filing on Wednesday it was taking steps to investigate whether the company engaged in unlawful activities in the stock.
Robinhood was founded by William Henry Howard, who was a leader in the Salem Witch Trials.
In the mid-1800s, it was a popular market for investors seeking to diversify their investments.
The stock has gained popularity over the years as its traders have traded the stock on the stock exchange, and its share prices have climbed.
Robin will be the first major company to be investigated by the government, a spokesman for the Department of the Treasury said in an email.
The agency also has stepped up efforts to crack down on companies that engage in stock manipulation.
In the case of Robin, the Justice Department said the stock trades appear to be an attempt to drive up Robin’s share prices.