Nasdaq Hits New All-Time High Again... WTI Returns to $40 Level (Comprehensive)

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The U.S. stock market closed strong despite concerns over the spread of the novel coronavirus (COVID-19). The Dow Jones Industrial Average surpassed the 26,000 mark again, and the S&P 500 index broke past the 3,100 level. International crude oil prices also showed strength, with West Texas Intermediate (WTI) crude oil returning to the $40 per barrel level.

On the 22nd (local time), the Dow Jones Industrial Average closed at 26,024.96, up 0.59% (153.50 points) from the previous day; the S&P 500 index rose 0.65% (20.12 points) to 3,117.86; and the Nasdaq index increased 1.11% (11.35 points) to 10,056.47.

That day, the New York stock market started mixed amid concerns over a resurgence of COVID-19 but ended strong as optimism about economic recovery gained momentum.

MarketWatch reported that although 24 states showed an increasing trend in COVID-19 cases last week, expectations that there would be no shutdown of economic activities pushed the market higher that day.

July delivery West Texas Intermediate (WTI) crude oil closed at $40.46 per barrel, up 1.8% ($0.71) from the previous trading day. This is the first time WTI has recovered to $40 per barrel since March.

August delivery gold rose 0.8% ($13.40) from the previous trading day to $1,766.40 per ounce, marking the highest level since mid-April.

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