[New York Close] Nasdaq Recovers to 9,000 Level... Apple Reopens US Stores

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market showed strength despite the worst employment data. The Nasdaq, which has been on a recent rally, recovered the 9000 level. Expectations for economic reopening are overcoming fears.

On the 8th (local time) at the New York stock market, the Dow Jones Industrial Average rose 455.43 points (1.91%) to close at 24,331.32, the S&P 500 index increased 48.61 points (1.69%) to 2,929.80, and the Nasdaq index gained 141.66 points (1.58%) to finish at 9,121.32.

As a result, the Dow rose 2.5%, the S&P 500 increased 3.5%, and the Nasdaq surged 6% this week. The Nasdaq surpassing the 9000 mark is the first time in over two months since early March.

Although the worst-ever employment statistics were released before the market opened that day, the market instead rallied with relief.

According to the Department of Labor, nonfarm payrolls decreased by 20.5 million in April, and the unemployment rate soared to 14.7%. This was below the Dow Jones forecast of a 21.5 million job loss and a 16% unemployment rate.

The more positive-than-expected results led to interpretations that the peak of the economic crisis caused by COVID-19 has passed, driving market strength.

Larry Kudlow, Chairman of the White House National Economic Council (NEC), said, "Three-quarters of the unemployment is temporary layoffs," and added, "We are reaching the end of the unemployment." Kudlow also stated, "Official negotiations on the next stimulus package bill have been temporarily suspended."

News that key US-China officials held a phone call and reached a consensus on implementing the Phase 1 US-China trade agreement also acted as a positive factor easing concerns over US-China conflicts.

News of corporate activity resuming continues. Apple announced it will open stores next week in Idaho, Alaska, Alabama, and South Carolina. Apple's stock rose 2.38% that day. Google also announced plans to reopen offices starting in June, with about 10% of employees returning to the office first.

International oil prices rebounded after three days. On the New York Mercantile Exchange, West Texas Intermediate (WTI) crude oil for June delivery closed at $24.74 per barrel, up 5.1% ($1.19). WTI's weekly gain reached 25%. The international benchmark Brent crude for June also re-entered the $30 range.

International gold prices fell slightly. The international gold price closed at $1,713.90 per ounce, down 0.7% ($11.90).

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