[New York Close] Pneumonia Fear Eases... Netflix Surges 7%

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed mixed, moving away from concerns over the declaration of an international emergency regarding the Wuhan pneumonia.

On the 23rd (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average fell 26.18 points (0.09%) from the previous close to 29,160.09, the S&P 500 index rose 3.79 points (0.11%) to 3,325.54, and the Nasdaq index increased 18.71 points (0.20%) to 9,402.48, respectively closing the session.

Major indices widened their losses in the morning amid growing concerns about Wuhan pneumonia. The Dow dropped more than 200 points, reflecting market worries. However, in the afternoon, the World Health Organization (WHO) announced that it was not yet a situation warranting an international emergency declaration, which helped reduce the losses. The Nasdaq closed at an all-time high based on the closing price.

On the same day, U.S. Treasury Secretary Steven Mnuchin revealed in a broadcast interview that work had begun on a second tax cut policy, which was expected to be an important factor for future stock market gains.

Consumer goods manufacturer Procter & Gamble (P&G) reported net profits exceeding expectations but sales fell short, causing its stock price to drop about 0.5%. Electric vehicle maker Tesla, which surpassed a market capitalization of $100 billion, continued its upward trend. Video streaming company Netflix led the Nasdaq’s rise with its stock price surging 7%.

The U.S. Department of Labor announced that last week’s initial jobless claims increased by 6,000 from the previous week to 211,000 (seasonally adjusted), which was below the expert forecast of 215,000. The Conference Board reported that the U.S. Leading Economic Index for December fell 0.3% from the previous month to 111.2, underperforming the market expectation of a 0.2% decline.

Unlike the stock market, oil prices failed to shake off fears related to Wuhan pneumonia. On the 23rd (local time) at the New York Mercantile Exchange (NYMEX), March delivery West Texas Intermediate (WTI) crude oil closed down 2.0% ($1.15) at $55.59 per barrel. At 3:30 p.m., March Brent crude on the London ICE Futures Exchange also traded down 2.01% ($1.27) at $61.94 per barrel. Copper prices, known as a barometer of the global economy, also remained weak. This indicates that the commodity market is more concerned about the impact of Wuhan pneumonia on the economy than the stock market.

International gold prices, a safe haven asset, rose slightly. On the same day at the New York Commodity Exchange, February delivery gold closed at $1,565.40 per ounce, up 0.6% ($8.70) from the previous day.

This content was produced with the assistance of AI translation services.