Dow Jumps After Publishing The Fed’s Beige Book, AMC Soars 95%

us stock markets rallied on Wednesday as investors internalized the latest estimate of the US economy by the Federal Reserve.

The Dow Jones Industrial Average added 25 points, or 0.07%, while the S&P 500 and Nasdaq Composite gained 0.15% and 0.14%, respectively, as all three major averages approached historic highs.

The quiet session began after the Federal Reserve’s Beige Book showed optimism about the outlook for the US economy, noting price pressures and difficulties companies face in finding workers.

This is because West Texas Intermediate crude oil topped $ 69 for the first time in nearly three years before falling. The energy component closed with an increase of $ 1 to $ 68.71 per barrel.

BIDEN SUSPENSES THE RENTAL OF OIL AND GAS IN THE ARCTIC OF THE NATIONAL WILD SAFE REFUGEER

In a warehouse, JBS SA says the “vast majority” of its nine US plants will launched on wednesday after a meat producer took them offline following a cybersecurity attack. The company produces about 25% of the US beef supply.

AMC Entertainment Holdings Inc. hit a record after news that hedge fund Mudrick Capital on Tuesday turned over 8.5 million shares it acquired earlier in the day in order to make a profit. AMC shares are up 165% since the beginning of last week. The company also announced new perks for retail investors, including a communications portal, free popcorn, and views. The stock was briefly stopped by the New York Stock Exchange.

Another so-called stock of memes, BlackBerry Ltd., also rose significantly.

AMC THROWS A BONE FOR TRADING INVESTORS

In terms of revenue, Zoom Video Communications Inc. reported earnings and revenues that beat Wall Street estimates, but warned that the strong growth seen during the pandemic would be slowed.

Advance Auto Parts Inc said quarterly profit nearly tripled from last year as sales rose a record 23.4%. The company has increased both its annual sales and its annual sales forecasts for the same store.

In the transactions of Etsy Inc. agreed to acquire the private fashion marketplace Depop for $ 1.63 billion.

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Overseas exchanges were mixed.

European markets were up across the board, with the German DAX 30 up 0.23%, the UK FTSE 100 up 0.39% and the French CAC 30 up 0.49%.

In Asia, Japan’s Nikkei 225 jumped 0.46%, while Hong Kong’s Hang Seng and China’s Shanghai Composite fell 0.58% and 0.76%, respectively.