Apple Stock Surpasses $500 for the First Time... S&P 500 and Nasdaq Reach All-Time Highs (Comprehensive)

[Image source=EPA Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed strong on hopes for treatments and vaccines for the novel coronavirus disease (COVID-19). Apple’s stock price surpassed the $500 mark amid the positive news of a stock split.

On the 24th (local time), the Dow Jones Industrial Average rose 378.13 points (1.35%) to close at 28,308.46, the S&P 500 index increased by 34.12 points (1.0%) to 3,431.28, and the Nasdaq index gained 67.92 points (0.6%) to finish at 11,379.72.

The S&P 500 and Nasdaq both hit record highs. Apple’s stock price led the overall market rise, climbing 1.2% to close at $503.43, surpassing $500 for the first time ever. Morgan Stanley raised its target price for Apple to $520 on the same day. Apple is preparing for a 4-for-1 stock split.

The market rise was attributed to the U.S. Food and Drug Administration (FDA) granting emergency approval the previous day for treatment using plasma from recovered COVID-19 patients, as well as reports that the Trump administration is considering emergency use authorization for a COVID-19 vaccine before the November presidential election, which stimulated investor sentiment.

News that the rate of increase in COVID-19 cases in the U.S. is slowing was also positive. The Wall Street Journal reported, citing Johns Hopkins University data, that new confirmed cases in the U.S. the previous day were 34,567, the lowest since the end of June. Major states such as Florida, which had seen a surge in cases, are seeing a slowdown in spread due to mask mandates and other measures.

As concerns over the COVID-19 crisis eased, the price of December gold, a safe-haven asset, fell $7.80 (0.4%) from the previous trading day to close at $1,939.00. September West Texas Intermediate (WTI) crude oil closed up 0.7% ($0.28) at $42.62 amid concerns over production disruptions caused by twin hurricanes.

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