[New York Close] Nasdaq Rises 4% on Hopes of Easing Anxiety

[Asia Economy New York=Correspondent Baek Jong-min] The U.S. New York stock market surged strongly on the 14th (local time) as concerns over the novel coronavirus infection (COVID-19) eased. The rise in the tech-heavy Nasdaq was particularly notable.

On that day, the Dow Jones Industrial Average closed at 23,949.76, up 558.99 points (2.39%) from the previous day; the S&P 500 index rose 84.43 points (3.06%) to 2,846.06; and the Nasdaq index increased by 323.32 points (3.95%) to 8,515.74.

The Dow and S&P 500, which had closed lower the day before, successfully reversed to gains, while the Nasdaq expanded its upward momentum and rallied.

Tech stocks stood out in the market that day. Amazon, expected to benefit amid the COVID-19 crisis, surged 5.28% to close at a record high of $2,283.32. Microsoft (MS) also rose 4.95%, and Apple increased by 5.05%.

On the same day, the largest U.S. bank, JP Morgan, announced the official start of the first-quarter earnings season. Although JP Morgan revealed that its first-quarter net profit fell by 69% compared to the same period last year, the market shifted toward optimism rather than concern, buoyed by expectations that the COVID-19 crisis had peaked. Despite the International Monetary Fund (IMF) warning that the global economy is facing its worst situation since the Great Depression of the 1930s, investors bet on hope rather than worry.

The dollar index, which shows the value of the dollar against major currencies, fell about 0.4%, entering the 98 range for the first time since March 20, indicating a decreased preference for safe-haven assets.

International oil prices plunged again. On the New York Mercantile Exchange (NYMEX), West Texas Intermediate (WTI) crude oil for May delivery closed down 10.3% ($2.30) at $20.11 per barrel. WTI even fell below the $20 level during intraday trading.

International gold prices rose for the fourth consecutive trading day. On the New York Commodity Exchange, June delivery gold closed at $1,768.90 per ounce, up 0.4% ($7.50) from the previous day.

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