The stock market benchmark traded mostly Monday morning with shares of technology under pressure as government bond yields widened after the Senate approved a $ 1.9 trillion COVID-19 aid package. Dow Jones Industrial Average [: DJIA] traded 121 points, or 0.4%, at 31,606, the S&P 500 SPX index,
rose 0.1% to 3,842, while the Nasdaq COMP Composite Index,
was 0.2% to 12,899. Expectations of aggressive fiscal spending, coupled with a rapidly reopening economy as vaccine launches, have fueled expectations for at least short-term inflation. This, in turn, contributed to an increase in bond yields, which helped to fuel a rotation of growth-oriented stocks, with high valuations of stocks remaining after the post-COVID stock market recovery. In the corporate news, the shares of AMC Entertainment Holdings Inc. I HAVE C,
rose as the return of the meme stock from last month’s decline continued after Wedbush analyst Michael Pachter doubled its price target ahead of the company’s earnings report, citing growing optimism of the post-pandemic environment. Pachter raised its stock target to $ 5.00 from $ 2.50, but that was 38% below Friday’s closing price of $ 8.05. Shares of AMC and GameStop Corp. GME,
they were in the spotlight of retail investors and sellers in a short time. GameStop has approached Chewy co-founder Ryan Cohen to lead the e-commerce exchange, according to reports.