[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed virtually flat amid caution over employment and inflation. AMC, a 'meme stock' favored by individual investors, surged 95% in a single day.
On the 2nd (local time), the Dow Jones Industrial Average rose 25.07 points (0.07%) to 34,600.38, the S&P 500 index increased 6.08 points (0.14%) to 4,208.12, and the Nasdaq index gained 19.86 points (0.14%) to close at 13,756.33.
The New York stock market is closely watching the May employment report to be released on the 4th. If the employment data shows strong growth, concerns may rise that the economy is overheating, potentially accelerating interest rate hikes. Experts expect May employment growth to reach 650,000.
However, the Federal Reserve's Beige Book released that day predicted the economy is recovering faster than expected but labor shortages are likely to continue for the time being.
The stock price of AMC Entertainment, a U.S. movie theater chain, showed extraordinary strength, rising more than 126% intraday before closing up 95%. AMC stock trading was halted twice during the day.
As AMC surged, other 'meme stocks' such as GameStop and BlackBerry also soared.
With oil prices strengthening, major oil companies like Chevron and ExxonMobil jumped about 2%. West Texas Intermediate (WTI) crude oil closed at $68.83 per barrel, up $1.11 (1.6%) for the day.
Semiconductor company Nvidia rose 3%, while Zoom, which reported earnings, fell 0.19%.
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