New York Stock Market Ends Mixed... Only IT Leading Stocks Show Strength (Comprehensive)

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed mixed. The Nasdaq rose, but the Dow Jones Industrial Average and the S&P 500 index closed lower. The market remained cautious about the spread of the novel coronavirus infection (COVID-19).

On the 17th (local time), the Dow Jones Industrial Average fell 170.37 points (0.65%) to 26,119.61, the S&P 500 index dropped 11.25 points (0.36%) to 3,113.49, and the Nasdaq index rose 14.66 points (0.15%) to 9,910.53.

The Dow maintained a firm tone during the session but gave up its gains about an hour before the close and ultimately ended in the red.

Meanwhile, the Nasdaq index maintained its upward trend as IT giants such as Apple, Alphabet, Amazon, and Netflix showed strength, with Apple hitting an intraday all-time high.

On this day, the market focused on the possibility of delayed economic recovery due to the resurgence of COVID-19 infections and remarks by Federal Reserve (Fed) Chair Jerome Powell.

Chairman Powell said in testimony to the House of Representatives, "At this point, congressional economic relief support is important. It would be a concern if Congress stops stimulus policies too quickly."

The spread of COVID-19 continues in the United States. According to CNN, nine states including Texas, Florida, Arizona, and Oklahoma have recorded the highest number of new COVID-19 cases. News that Beijing, China, has effectively entered control measures due to the spread of COVID-19 also acted as a negative factor.

On this day, the Department of Commerce announced that new housing starts in May increased by 4.3% from the previous month to 974,000 units, rebounding from a sharp decline the previous month.

International oil prices fell for the first time in three days. West Texas Intermediate (WTI) crude oil for July delivery closed down 1.1% (0.42 dollars) at 37.96 dollars per barrel. August gold delivery fell 0.05% (0.90 dollars) to 1,735.60 dollars per ounce.

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