[New York Close] Gains Maintained on New Stimulus Hopes... Dow Up 0.34%

Sensitive Reaction to Stimulus Package Negotiations
Disappointing Employment Data Raises Stimulus Expectations
European Stocks and Oil Prices Rise

[Asia Economy Reporter Naju-seok] The U.S. stock market closed higher after reacting sensitively to prospects of a new U.S. stimulus package.

[Image source=Reuters Yonhap News]

On the 8th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 28,425.51, up 0.43% (122.05 points) from the previous session. The Standard & Poor's (S&P) 500 index rose 0.8% (27.38 points) to 3,446.83, and the tech-heavy Nasdaq index traded up 0.5% (56.38 points) at 11,420.98.

On that day, the U.S. stock market showed fluctuations depending on remarks related to the stimulus package agreement. U.S. President Donald Trump said, "We have started very productive talks" regarding the economic stimulus package. After suggesting a halt to negotiations, President Trump announced the resumption of talks, leading to an early session rise.

However, the market turned downward when Congress reacted that the small-scale stimulus package predicted by the White House would not be introduced. House Speaker Nancy Pelosi stated that without a comprehensive stimulus package, separate bills such as airline support would not be passed.

Later, as expectations for negotiations with the White House were expressed, the market rebounded. Speaker Pelosi said, "We are talking with the White House, and we want to continue the dialogue."

Employment data was also interpreted in connection with the possibility of a stimulus package.

The U.S. Department of Labor announced that initial jobless claims last week were 840,000, down 9,000 from 849,000 the previous week. This was seen as a stagnation in employment recovery compared to the forecast of 820,000 by market experts surveyed by Bloomberg News. Although the indicator fell short of expectations, it was interpreted as reflecting the necessity of passing a stimulus package, thus acting as positive news.

European stock markets also showed gains. Germany's DAX index rose 0.88% to 13,042.21, the UK's FTSE index increased 0.53% to 5,978.03, and France's CAC index closed up 0.61% at 4,911.94.

International oil prices rose as Hurricane 'Delta' approached the U.S. Gulf of Mexico, causing shutdowns of oil production facilities. At the New York Mercantile Exchange (NYMEX), West Texas Intermediate (WTI) crude oil closed at $41.19 per barrel, up 3.1% ($1.24) from the previous day. Gold prices also closed at $1,895.10 per ounce, up 0.2% ($4.30).

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