Major stock indexes end the week up amid AMC roller coaster

A sign for Wall Street hangs outside at the New York Stock Exchange on April 20, 2020. Photo by John Angelillo/UPI

May 28 (UPI) — The major U.S. indexes closed with gains for the day and week Friday after shares of AMC fluctuated, rising by as high as 38% at one point but eventually closing down by 1.5%.

AMC Entertainment Holdings Inc. closed at $26.10, and despite the Friday drop, shares have had a nearly 1,200% gain over the same time last year. The rally brought the company’s market capitalization to more than $12 billion amid a push among Reddit investors, similar to the GameStop short squeeze earlier this year.

“The retail trader is at it again,” Edward Moya, a senior market analyst at Oanda, told CNBC. “AMC500k and AMCSqueeze were trending on Twitter yesterday and that momentum took the stock price above the end of January high that we saw during the peak of meme stock mania.”

AMC’s revenue has taken an economic hit over the last 14 months of the COVID-19 pandemic, holding about $5 billion in debt and $450 million in deferred lease payments.

The Dow Jones Industrial Average closed at 34,429, up 0.2% for the day and 0.9% for the week. The S&P 500 closed up 0.1% for the day with a 1.2% weekly gain and the Nasdaq Composite closed up 0.1% for the day, with a 2.1% weekly gain.


Please enter your comment!
Please enter your name here