By Eshe Nelson
The whirlwind trading of small retail investors who concentrate on driving up the share price of a handful of companies energetically returned to markets this week. Shares in AMC, the movie theater chain, surged more than 20 percent in premarket trading and was the most traded stock on Friday morning as traders pounced on the company’s stock.
The trading is reminiscent of the GameStop frenzy in January. One of the aims of the retail traders is to push up a company’s share price to force losses on hedge funds that have bet against the stock in what is called a short squeeze.
AMC shares have jumped 120 percent this week, to $26.52, giving the company a market value of $13 billion. At the end of 2019, before AMC became a “meme stock” darling like GameStop, the video game retailer, and Blackberry, the phone company, the share price for AMC was about $2.
GameStop shares have risen 44 percent this week.
By The New York Times
U.S. stock futures rose on Friday. The S&P 500 is set to rise 0.4 percent when markets open. It has already climbed more than 1 percent this week and is less than 1 percent away from a record high. Stock prices have been kept by buoyant by expectations of ample federal spending and low interest rates.
President Biden will propose a $6 trillion budget on Friday, according to documents obtained by The New York Times. The budget will finance Mr. Biden’s two-part plan to upgrade American infrastructure and expand the social safety net, contained in his American Jobs Plan and American Families Plan.
Most European stock indexes were higher after a measure of economic confidence in the European Union climbed to its highest level since early 2018.
The Stoxx Europe 600 rose 0.6 percent, gaining for a seventh consecutive day to a record high.
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