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Tech Giants Lift S&P 500 to Record as Reddit Favorites Languish

  • Most major industries advance; Nasdaq 100 highest since April
  • AMC, GameStop being down are ‘really a sideshow’: Purves

For all the hubbub around meme stocks in recent weeks, it was on a day that the day-trader favorites plunged that the S&P 500 Index climbed to its first record close since early May.

Tech shares climbed 0.8%, led by stalwarts Amazon.com Inc., propelling the benchmark for American equities to an all-time high of 4,239.18 GameStop Corp. plunged 27% and AMC Entertainment Holdings Inc. sank 13%, dragging a Goldman Sachs Group Inc. basket of meme stocks to a 6% loss on Thursday.