[New York Close] Rebound Despite Global Health Emergency

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market overcame the negative impact of the novel coronavirus and closed higher.

On the 30th (Eastern Time), at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average rose 124.99 points (0.43%) to close at 28,859.44. The S&P 500 index increased by 10.26 points (0.31%) to 3,283.66, and the Nasdaq closed up 23.77 points (0.26%) at 9,298.93.

The market showed severe volatility that day. Early in the session, the market was weak following news that the death toll from the novel coronavirus had exceeded 170 and infections worldwide had surpassed 8,200. When news broke of the first case of human-to-human transmission in the United States, the Dow plunged by as much as 240 points in an instant.

In the afternoon, the situation reversed as the WHO declared the novel coronavirus outbreak a public health emergency of international concern. When the WHO stated that it did not recommend restrictions on trade or travel to China, major indices quickly reduced their losses and all succeeded in reversing to gains by the close of trading.

Stocks of Macau casino-related companies, such as Wynn Resorts and Sands Resorts, which had been falling due to concerns over the novel coronavirus, also rose about 2%. Airline-related stocks showed gains in the 3% range.

Tom Essaye, founder of The Sevens Report, explained, "The market is focusing more on the future impact on corporate earnings and the economy rather than the current spread of the novel coronavirus."

Tesla's stock surged 10.3% after it reported better-than-expected earnings after the previous day's close. Microsoft also rose about 2.8% amid evaluations of better-than-expected results.

Facebook's stock fell more than 6% as concerns about regulatory impacts spread through its earnings report. After the announcement of CEO Ginni Rometty's retirement, IBM rose 5% in after-hours trading, and Amazon also rose 11% following strong earnings announced after the market close.

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