[New York Close] Dow Falls Below 20,000... Trump Inauguration Level

WTI Oil Price Plunges 24% Intraday... Barely Holds Above $20

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] On the 18th (local time), the New York stock market plunged again just one day after a rebound. The rollercoaster market, swinging between sharp rises and falls, continues, leaving the market unable to find its footing.

On this day, the Dow Jones Industrial Average fell 6.30% (1338.46 points) to close at 19,898.92. During the session, it dropped more than 2,300 points, showing a decline of over 10%, but about 30 minutes before the close, the drop narrowed significantly, although it could not prevent the break below the 20,000 level. U.S. media reported that with this decline, the Dow Jones index returned to the level before President Donald Trump's inauguration. This is a critical blow for President Trump, who had emphasized the stock market boom as his achievement ahead of the presidential election.

The S&P 500 index closed down 5.18% (131.09 points) at 2,398.10, and the Nasdaq index closed down 4.70% (344.94 points) at 6,989.84. It is the first time since January 2, 2018, that the Nasdaq index has fallen below the 6,000 level.

On this day, the stock market followed the recent trend of sharp declines, trading halts, and subsequent rebounds. Around noon, the S&P 500 index dropped more than 7%, triggering a 15-minute trading halt circuit breaker. After trading resumed, all three major indices fell nearly 10%, raising concerns about a repeat of a crash.

The Chicago Board Options Exchange (CBOE) Volatility Index (VIX), known as Wall Street's "fear index," rose about 10% to the 85 level, marking an all-time high.

The VIX had surged to 82.69 on the 16th, surpassing the record of 80.74 during the financial crisis in November 2008.

The plunge in international oil prices was also notable. On this day at the New York Mercantile Exchange (NYMEX), April delivery West Texas Intermediate (WTI) crude oil fell 24.4% (6.58 dollars) to close at 20.37 dollars per barrel compared to the previous day. The WTI price on this day was analyzed as the lowest level in about 18 years since February 2002 and the third worst day ever. Investors took some consolation in the fact that the price still held above 20 dollars.

However, the May Brent crude oil futures on the London ICE Futures Exchange, an international benchmark, fell 11.24% (3.23 dollars) to trade at 25.50 dollars, showing a more limited decline compared to WTI.

At the New York Commodity Exchange, April delivery gold fell 3.1% (47.90 dollars) to 1,477.90 dollars per ounce compared to the previous day.

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