Dow Jones Up 0.4%·Nasdaq Slightly Lower‥AMC Surges Again (Comprehensive)

by Paek Jongmin

Published 28 May.2021 12:05(KST)

[Image source=EPA Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Major indices on the New York Stock Exchange closed near flat or with gains. AMC, a stock favored by individual investors, surged by 35%, drawing attention.

On the 27th (local time), the Dow Jones Industrial Average rose 141.59 points (0.41%) to close at 34,464.64, the S&P 500 index increased 4.89 points (0.12%) to 4,200.88, and the Nasdaq index fell 1.72 points (0.01%) to 13,736.28.

Boeing rose about 4% after agreeing to pay a $17 million fine related to production issues of the 737 passenger aircraft with the U.S. Federal Aviation Administration (FAA).

The theater chain AMC, well known as a 'meme stock,' surged as much as 47% intraday before closing up 35%. GameStop also showed strength.

The sharp rise in AMC is again being attributed to a possible short squeeze. S3 Partners analyzed that short covering by short sellers appears to have driven AMC's stock price higher.

Ford, after announcing an expansion of its electric vehicle investment the previous day and rising 8%, gained an additional 7% on this day.

Attention is focused on the Personal Consumption Expenditures (PCE) index to be released the following day, while the 10-year Treasury yield rose from 1.572% the previous day to 1.609%.