New York Stock Market Overcomes US-China Tensions with COVID-19 Vaccine Optimism (Comprehensive)

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Major indices on the New York Stock Exchange showed strength despite escalating US-China tensions, buoyed by optimism surrounding a COVID-19 vaccine.

On the 22nd (local time), the Dow Jones Industrial Average rose 165.44 points (0.62%) to close at 27,005.84, the S&P 500 index increased by 18.72 points (0.57%) to 3,276.02, and the Nasdaq index gained 25.76 points (0.24%) to finish at 10,706.13.

Despite the overnight negative news of the US demanding the closure of the Chinese consulate in Houston, the major indices showed strength from the market open.

The US Department of Health and Human Services announced that if the vaccine developed by Pfizer and BioNTech proves effective and safe in phase 3 clinical trials, it will purchase 100 million doses for $1.95 billion. This acted as a positive factor, raising hopes that a vaccine could be available by the end of the year.

Tesla, which reported earnings after the market closed, achieved an earnings surprise by recording profits for the fourth consecutive quarter, while Microsoft posted results that fell short of expectations.

September delivery West Texas Intermediate (WTI) crude oil closed at $41.90 per barrel, down 0.05% ($0.02). August delivery gold rose 1.2% ($21.20) to trade at $1,865.10 per ounce.

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