Stocks rose on Wednesday, following the previous mixed session, and closed at a flatline as market participants search for direction ahead of May's jobs report release on Friday. All three market benchmarks are pretty close to record levels, with the S&P 500 less than 1% from its record high.
Meanwhile, the energy (NYSE: XLE) sector continues to outperform the broader market as crude prices continue to soar amid increased economic and demand recovery optimism from investors. Shares of major crude producers like Occidental Petroleum (NYSE: OXY) and Marathon Oil (NYSE: MRO) both outperformed the S&P 500.
Here's how Wall Street settled on Wednesday:
S&P 500 Index (NYSE: SPY): +0.15% or +6.16 points to 4,208.20
Dow Jones Industrial Average (NYSE: DIA): +0.07% or +25.46 points to 34,600.77
Nasdaq Composite Index (NASDAQ: QQQ): +0.14% or +19.85 points to 13,756.33
AMC Entertainment soars again as the company embraces the meme:
AMC Entertainment (NYSE: AMC) shares took another wild ride on Wednesday as retail investors surged into the stock, triggering a circuit breaker amid the frenzy. The company has embraced the "meme stock" craze, with AMC announcing the launch of a portal on its website for individual investors. The site contains special offers for verified investors and company updates.
"During my five-plue year tenure as CEO at AMC, I've taken great pride in the relationships I have forged with AMC's owners," CEO Adam Aron said in a statement on Wednesday. "With AMC Investor connect, that effort in relationship building will continue apace even if our shareholders now number in the millions. After all, these people are the owners of AMC, and I work for them."
Here's where benchmarks stand in afternoon trade:
S&P 500 Index (NYSE: SPY): +0.05% or +2.06 points to 4,204.10
Dow Jones Industrial Average (NYSE: DIA): +0.00% or +1.29 points to 34,576.60
Nasdaq Composite Index (NASDAQ: QQQ): -0.09% or -12.62 points to 13,723.79
Etsy to buy Depop for $1.62 billion:
Etsy (NASDAQ: ETSY) announced on Wednesday that it is buying secondhand apparel online marketplace Depop for $1.62 billion. Depop leys users buy and sell used clothes, with the company attracting a predominantly younger consumer group through its messaging on environmentally friendly and ethical shopping.
"Depop is a vibrant, two-sided marketplace with a passionate community, a highly-differentiated offering of unique items, and we believe significant potential to further scale," Etsy CEO Josh Silverman said in a statement. "We see significant opportunities for shared expertise and growth synergies across what will not be a tremendous 'house of brands' portfolio of individual distant, and very special, ecommerce brands."
Here's how the market started trading after open:
S&P 500 Index (NYSE: SPY): -0.05% or -2.04 points to 4,202.07
Dow Jones Industrial Average (NYSE: DIA): +0.13% or +46.25 points to 34,575.70
Nasdaq Composite Index (NASDAQ: QQQ): -0.09% or -12.26 points to 13,736.48