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Wall Street Opens Mixed in Febrile Atmosphere; Dow Down 175 Pts

Investing.com — U.S. stock markets opened mixed on Monday in febrile mood, with signs of increasing investor mania in a handful of stocks while the broader market cooled off amid fears that U.S. and global growth estimates may have to be revised down due to lingering pandemic effects. 

By 9:55 AM ET (1435 GMT), the Dow Jones Industrial Average was down 177 points, or 0.6%, at 30,820 points. However, the S&P 500 was up 0.2% while the Nasdaq Composite posted a gain of 1.2%.

Early trading was dominated by what appeared to be driven by retail investor-driven surges in a number of stocks which had been driven to the verge of bankruptcy by the pandemic.

GameStop (NYSE:GME) stock surged another 39% after its 51% rise on Friday, when the momentum of buying generated by retail investors squeezed hedge fund Citron Research and other short-sellers. 

Equally, AMC Entertainment (NYSE:AMC) stock soared 24% after the embattled movie theater operator said it had raised over $900 million in fresh debt and equity, a recapitalization that effectively removes any near-term threat of Chapter 11.

Finally, apparel retailer Express skyrocketed 73%, adding to gains it made after securing a liquidity lifeline earlier this month.

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