CHICAGO (CBS) — A group of West Side teens are beating the odds, all thanks to the stock market. CBS 2’s Dorothy Tucker introduces the budding Wall Street whizzes in the Original Report.
They are typical black boys: Hakeem Sheppard and Anthony Knight, Keshawn Johnson and Kenneth Dean.
They attend Al Raby High School, a predominantly black school in economically disadvantaged East Garfield, but these young men are overcoming the obstacles by mastering the stock market.
They started studying stocks last month in preparation for the Stock Trading Challenge, sponsored by financial firm Magnetar Capital.
They had some tough competition from 250 students, representing more than 20 schools across the metro area.
“I was nervous. I never saw so many people in one room,” said Keshawn Johnson.
The mission was to choose the best group of stocks that would earn the most money. They combined research, economic trends and personal preference.
These West side boys managed to take $100,000 and turn it into $117,000, winning first place.
“It gives them an opportunity. It gives them a better sense there’s more out there for them,” said John Johnson, their coach.
This was the first time the boys had entered a stock challenge competition. They won $5,000 for their school. The principal says she’ll let them decide what to do with it