[New York Close] Mixed Trends After Fed Holds Interest Rates Steady, Gains Narrow

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market showed mixed trends again just one day after rebounding, as news of the Federal Reserve's (Fed) decision to keep the benchmark interest rate unchanged overlapped with concerns about the novel coronavirus.

On the 29th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average rose 11.6 points (0.04%) to close at 28,734.45, the S&P 500 index fell 2.84 points (0.09%) to 3,273.40, and the Nasdaq index ended trading up 5.48 points (0.06%) at 9,275.16.

That day, the Federal Reserve (Fed) announced the expected decision to keep interest rates unchanged after the two-day Federal Open Market Committee (FOMC) meeting. Immediately after the announcement of the rate hold, the Dow Jones index rose nearly 150 points but gave up most of the gains during Fed Chair Jerome Powell's press conference.

During the press conference, Chair Powell said he is closely monitoring the potential adverse effects the novel coronavirus could have on the economy. Powell stated, "(The coronavirus) is a serious issue and could pose a potential threat to the global economy."

By individual stocks, Apple shares, which reported better-than-expected earnings the previous day, rose about 2.1%. Facebook, which announced earnings after the market closed, is trading down about 7% in after-hours trading amid evaluations that it fell short of expectations. Electric vehicle maker Tesla posted an earnings surprise exceeding market expectations, driven by strong sales of the affordable Model 3. As a result, Tesla's stock rose about 13% in after-hours trading.

At the New York Mercantile Exchange (NYMEX), March delivery West Texas Intermediate (WTI) crude oil closed at $53.33 per barrel, down 0.3% ($0.15) from the previous day. After rebounding for the first time in five trading days, it showed weakness again amid concerns over demand deterioration due to the coronavirus.

At the New York Commodity Exchange, February delivery gold rose 0.04% ($0.60) to $1,570.40 per ounce compared to the previous day.

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