[New York Close] Nasdaq Falls for the First Time in 7 Trading Days

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market showed a decline of over 2%. The Nasdaq index, which had been steadily strong due to expectations of benefiting from the novel coronavirus infection (COVID-19) situation, also turned bearish after 7 trading days.

On the 12th (local time) at the New York stock market, the Dow Jones Industrial Average fell by 457.21 points (1.89%) to close at 23,764.78, the S&P 500 index dropped 60.20 points (2.05%) to 2,870.12, and the Nasdaq index declined 189.79 points (2.06%) to 9,002.55.

On this day, the New York stock market showed mixed trends without a clear direction but shifted downward as concerns about a possible second outbreak of COVID-19 were reflected. Even the Nasdaq index, which had been rising continuously on expectations of benefiting from COVID-19, faltered.

The economic indicators released on this day once again showed the severity of COVID-19's impact. The U.S. Department of Labor announced that the Consumer Price Index (CPI) fell by 0.8% last month compared to the previous month. Following a 0.4% decline in March, the drop deepened. This is the largest decline since December 2008 during the global financial crisis.

The core consumer price index for April fell by 0.4% compared to the previous month. Bloomberg reported that this is the largest decline since 1957. The core price index, excluding energy and food, is the inflation indicator that the Federal Reserve (Fed) pays the most attention to when deciding the benchmark interest rate.

On the other hand, international oil prices showed strength due to expectations of production cuts by major oil-producing countries. On the New York Mercantile Exchange (NYMEX), West Texas Intermediate (WTI) crude oil for June delivery closed at $25.78 per barrel, up 6.8% ($1.64). The international benchmark crude, Brent crude for July delivery, also showed a 1% rise, trading around the $30 mark.

On the New York Commodity Exchange, June delivery gold closed at $1,706.80 per ounce, up 0.5% ($8.80).

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