[New York Close] Mixed Trends Ahead of Earnings Season... Strong Gold

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed mixed ahead of the first quarter earnings season.

On the 13th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average fell 328.60 points (1.39%) to 23,390.77, the S&P 500 index dropped 28.19 points (1.01%) to 2,761.63, and the Nasdaq index rose 38.85 points (0.48%) to close at 8,192.42.

Despite news of oil production cuts by oil-producing countries, the market showed signs of unease ahead of the first quarter earnings announcements. Due to the novel coronavirus disease (COVID-19), companies are expected to report poor earnings, along with a series of announcements regarding share buybacks and dividend reductions.

The Wall Street Journal reported that more than 170 companies included in the S&P Composite 1500 index have announced dividend cuts or suspensions of share buybacks.

The Organization of the Petroleum Exporting Countries (OPEC) and major oil producers including Russia agreed last weekend to cut production by an average of 9.7 million barrels per day in May and June, but West Texas Intermediate (WTI) crude oil prices fell 1.5% to close at $22.41 per barrel on the day.

Contrary to the mixed stock market, gold prices soared to the highest level since 2012. On the New York Mercantile Exchange, June delivery gold rose 0.5% ($8.60) to $1,761.40 per ounce compared to the previous trading day.

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