Amazon and Facebook Soar to Record Highs... Economic Reopening Rally

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Amid expectations for the normalization of economic activities, the New York stock market rebounded successfully after a day of decline. As Amazon and Facebook reached all-time highs, the Nasdaq showed a strong surge, rising more than 2%.

On the 20th (local time) in the New York stock market, the Dow Jones Industrial Average closed at 24,575.90, up 369.04 points (1.52%) from the previous session; the S&P 500 index rose 48.67 points (1.67%) to 2,971.61; and the Nasdaq increased 190.67 points (2.08%) to 9,375.78.

Although there were many variables in the market that day, the reopening of economic activities in all 50 U.S. states fueled the stock market rise. Starting that day, Connecticut became the last of the 50 U.S. states to resume economic activities.

The minutes of the April Federal Open Market Committee (FOMC) meeting and the escalation of U.S.-China tensions did not significantly affect the market. According to the minutes of the April FOMC meeting released by the Federal Reserve (Fed) that day, the committee members expressed concerns about a possible second wave of COVID-19 by the end of the year and indicated the continuation of various stimulus measures and the possibility of additional actions.

Tensions between the U.S. and China continue to escalate daily. Ahead of the opening of the National People's Congress, China's largest political event, U.S. President Donald Trump harshly criticized China on Twitter, calling it a "wacko" and a "dope."

Oil prices also maintained an upward trend. July delivery West Texas Intermediate (WTI) crude oil closed at $33.49 per barrel, up 4.8% ($1.53). The international benchmark Brent crude for July delivery was trading around $35 per barrel, up about 3%.

On the New York Mercantile Exchange, June delivery gold closed at $1,752.10 per ounce, up 0.4% ($6.50) from the previous day.

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