Cinema Chain AMC Wins Sharply on Wall Street Flat

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The stock exchanges in New York started the new trading day with small results on Tuesday. Investors took it easy ahead of a Senate vote on the long-awaited infrastructure bill. Cinema chain AMC Entertainment was among the winners after better than expected figures from the cinema chain.

 

Automaker Tesla was among the losers after it emerged that sales in China were disappointing. Attention was also paid to the situation surrounding the coronavirus. The Delta variant is spreading very quickly in many countries, leading to concerns about the recovery of economic growth.

The Dow-Jones index was 0.1 percent higher shortly after the opening of the trading day at 35,129 points. The broad S&P 500 rose 0.1 percent to 4435 points, and tech gauge Nasdaq also gained 0.1 percent to 14.877 points. The Senate is expected to vote on a large package of infrastructure investments later on Tuesday. This involves spending approximately $550 billion on roads, railways, bridges and better internet connections. The package could give the US economy a boost.

AMC gained almost 6 percent shortly after the opening bell. The American cinema chain has welcomed more visitors in recent months after corona measures were relaxed. In addition, AMC announced that it would allow purchases with bitcoins before the end of the year. Tesla lost 0.8 percent in early trading. The number of cars delivered in China last month was only 8600. That was a sharp drop compared to a month earlier.

Vaccine maker Moderna lost almost 2 percent after the share gained 17 percent in value a day earlier. The company will sign an agreement with the Canadian government to build an mRNA production facility in Canada.

Oil prices and oil company prices rose again on Tuesday and made up for some of Monday’s losses. The sector is under pressure from a new report from the United Nations climate panel. A barrel of American oil became 1.7 percent more expensive at $67.55. Brent oil became 1.3 percent more expensive at $69.94 a barrel. Oil companies ExxonMobil and Chevron gained up to 1 percent in market value.

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