AMC Stock Jumps 22%

Indexes were mixed after return from long weekend
By Newser Editors and Wire Services
Posted Jun 1, 2021 3:41 PM CDT
AMC Stock Jumps 22%
In this photo provided by the New York Stock Exchange, specialist Peter Mazza works at his post on the trading floor, Tuesday, June 1, 2021.   (Nicole Pereira/New York Stock Exchange via AP)

Major indexes struggled to a mixed finish on Wall Street after giving up an early gain. The S&P 500 slipped less than 0.1% Tuesday as losses for technology and health care companies offset gains in other sectors. Elsewhere, the Nasdaq fell 0.1% while the Dow Jones Industrial Average added 0.1%. The Russell 2000, which tracks small-company stocks, rose 1.1%. The back-and-forth trading came as investors returned from the Memorial Day holiday in the US, the AP reports. Banks were among the biggest gainers as bond yields ticked higher, which allows them to charge more lucrative interest rates on loans.

AMC Entertainment jumped 22.8% after the movie theater operator announced a stock sale. AMC, whose stock is up more than 1,000% this year, is one of a handful of companies that gained the attention of a group of online retail investors earlier this year, along with companies like GameStop. The Institute for Supply Management reported that manufacturing picked up again in May. The ISM"s manufacturing index came in at 61.2 last month, much better than the 60.6 expected by economists surveyed by FactSet. The growth in manufacturing came despite supply shortages that have plagued many manufacturers for weeks, particularly those who require semiconductors. (Hollywood breathed a sigh of relief after strong box office figures over the weekend.)

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