[New York Close] Nasdaq's Dominance Fueled by COVID-19

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The strong performance of technology stocks is leading the rise in the Nasdaq market. Meanwhile, the upward momentum of traditional companies is slowing down.

On the 11th (local time) at the New York Stock Exchange, the Dow Jones Industrial Average fell by 109.33 points (0.45%) to close at 24,221.99, but the Nasdaq index rose by 71.02 points (0.78%) to close at 9,192.34.

Despite the Dow's decline, the Nasdaq's rise helped the broader market S&P 500 index close up by 0.39 points (0.01%) at 2,930.19.

The Nasdaq index rose for six consecutive trading days, marking the longest streak of gains this year, according to CNBC. As of last week, the Nasdaq's year-to-date return has turned positive.

The Nasdaq's rise is attributed to mega IT companies such as Amazon, Microsoft, Google, and Facebook benefiting from the COVID-19 pandemic.

International oil prices turned downward. On this day at the New York Mercantile Exchange (NYMEX), June delivery West Texas Intermediate (WTI) crude oil fell 2.4% ($0.60) to close at $24.14 per barrel. Brent crude, the international benchmark, traded down 2.65% ($0.82) at $30.15 per barrel. International gold prices also declined slightly, closing at $1,698.00 per ounce, down 0.9% ($15.90).

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