Broader stock market rises, but GameStop and AMC crumble

Broader stock market rises, but GameStop and AMC crumble

Stocks were broadly higher in morning trading Tuesday, but shares of closely watched companies like GameStop and AMC Entertainment were trading sharply lower. The S&P 500 rose 1.5% and the Dow Jones Industrial Average rose 538 points, or 1.8%, to 30,749 as of 10:56 a.m. Eastern. The Nasdaq rose 1.3%. Banks and big tech companies were among the early winners, as were several energy companies including Exxon Mobil and Marathon Petroleum, both of which reported better results than analysts were expecting. UPS rose after reporting record revenue. Treasury yields rose, as did crude oil prices. While the broader market was solidly higher, most of Wall Street's attention is on a set of beaten-down companies who have seen their shares surge due to intense online interest. ADVERTISEMENTGameStop dropped 60% to roughly $90 a share, and AMC Entertainment lost 46.6% to $7.07 a share. Both companies have been in the spotlight for more than two weeks as an online community of investors pushed the stocks to astronomical levels. More Stories:- Robinhood raises $3.4B from investors amid surge in trading- GameStop shares head sharply lower for second straight day- Uber will bring the booze after acquiring Drizly for $1.1BTrading in those and several