New York Stock Market, Vaccine Expectations and US-China Conflict Watchful Trading Session

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed mixed despite US-China tensions, buoyed by hopes for a COVID-19 vaccine. The indices showed a typical cautious trading pattern with some rising and others falling.

On the 22nd (local time), the Dow Jones Industrial Average fell 8.96 points (0.04%) to 24,465.16, the S&P 500 rose 6.94 points (0.24%) to 2,955.45, and the Nasdaq increased 39.71 points (0.43%) to 9,324.59.

The weekly gains were 3.29% for the Dow, 3.2% for the S&P 500, and 3.44% for the Nasdaq.

The US-China conflict shows no signs of stopping. After China announced plans to enact the "Hong Kong National Security Law" without going through the Hong Kong legislature, the US Department of Commerce blacklisted about 30 Chinese companies and institutions citing reasons related to weapons of mass destruction (WMD) and human rights abuses in the Xinjiang Uygur Autonomous Region. Kevin Hassett, senior economic advisor to the White House, also said, "Capital will flee Hong Kong," adding, "All options are on the table."

On the other hand, Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases (NIAID) under the US National Institutes of Health, described the Phase 1 clinical trial data of the COVID-19 vaccine being developed by biotech company Moderna as "promising," raising hopes that a vaccine could be developed by the end of the year.

International oil prices weakened as China did not release its economic growth forecast for this year. July delivery West Texas Intermediate (WTI) crude oil closed at $33.25 per barrel, down 1.98% (0.67 dollars) from the previous day. However, WTI recorded a 13% increase this week.

June delivery gold rose 0.8% (13.60 dollars) from the previous day to $1,735.50 per ounce.

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