New York Stock Market Ends Mixed Amid Unemployment Data Concerns (Comprehensive)

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed mixed, unable to overcome the impact of weak unemployment data.

On the 18th (local time), the Dow Jones Industrial Average fell 39.51 points (0.15%) to 26,080.10, the S&P 500 index rose 1.85 points (0.06%) to 3,115.34, and the Nasdaq index increased 32.52 points (0.33%) to 9,943.05.

The Nasdaq index maintained a slight upward trend throughout the session, but the Dow and S&P 500 showed weakness during the day, with only the S&P 500 managing a late reversal while the Dow ultimately closed lower.

This is attributed to major tech stocks like Apple and Amazon rising, while stocks of major banks and retailers, which had been strong on expectations of economic recovery, declined.

The market focused on the worse-than-expected number of US unemployment insurance claims. The US Department of Labor announced that last week's unemployment insurance claims were 1.508 million, significantly exceeding the expert forecast of 1.3 million.

The Philadelphia Federal Reserve Bank's June Philadelphia Fed Index surged from minus (-) 43.1 the previous month to 27.5, greatly surpassing the market expectation of -20.0.

July delivery West Texas Intermediate (WTI) crude oil closed up 2.3% ($0.88) at $38.84 per barrel. August delivery gold closed down 0.30% ($4.50) at $1,731.10 per ounce compared to the previous day.

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