New York Stock Market Mixed in First 2Q Trading Despite Improved Indicators and Vaccine Effects

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market showed mixed results in the first trading day of the second quarter, despite positive economic indicators and expectations for a COVID-19 vaccine, amid concerns over the spread of infections and economic activity shutdowns.

On the 1st (local time), the Dow Jones Industrial Average fell 77.91 points (0.3%) to close at 25,734.97, the S&P 500 rose 15.57 points (0.5%) to 3,115.86, and the Nasdaq increased 95.86 points (0.95%) to 10,154.63.

The Nasdaq set a new all-time closing high, but the Dow Jones declined, showing a contrast.

Although the New York market showed weakness in pre-market trading, it started trading higher following the positive announcement of initial clinical trial results of the COVID-19 vaccine jointly developed by Pfizer and BioNTech.

The Institute for Supply Management (ISM) announced that the June Manufacturing Purchasing Managers' Index (PMI) rose from 43.1 in the previous month to 52.6, entering an expansion phase.

However, as trading progressed, the momentum for further gains disappeared after the U.S. reported 44,000 new COVID-19 cases on the 30th of last month and some states announced economic activity shutdowns. New York City postponed the planned reopening of indoor dining next week, and California announced the closure of bars and some business sectors. Apple also announced it would close an additional 30 stores in areas with a surge in COVID-19 cases.

However, President Trump’s announcement in a Fox Business interview on the same day, promising additional cash payments to all citizens, was a positive factor.

August delivery West Texas Intermediate (WTI) crude oil closed at $39.82, up 1.4% ($0.55) from the previous day. Gold fell 1.1% ($20.60) per ounce to $1,779.90 compared to the previous day.

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