Apple and Amazon Surge... New York Stock Market Closes Strong

Apple and Amazon Both Surge Ahead of 5G iPhone Launch and Prime Day

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market surged significantly as major tech stocks such as Apple and Amazon all rose sharply.

[Image source=AP Yonhap News]

On the 12th (local time), the Dow Jones Industrial Average rose 250.62 points (0.88%) to close at 28,837.52, the S&P 500 index increased by 57.09 points (1.64%) to 3,534.22, and the Nasdaq index jumped 296.32 points (2.56%) to close at 11,876.26.

The stock price rise was driven by the Apple and Amazon effect. Apple surged 6.4% ahead of its special event expected to unveil the first 5th generation (5G) iPhone the next day.

Apple’s stock had been declining since the stock split on August 31, but the release of the 5G iPhone marked the end of the correction and increased the possibility of further gains.

Amazon, which will hold its annual discount event 'Prime Day' on the 13th and 14th, also rose by 4.75%. This Prime Day, delayed several times due to the COVID-19 pandemic, is considered a signal marking the start of the year-end shopping season ahead of Thanksgiving and Christmas shopping seasons.

As consumer purchasing behavior has largely shifted online due to COVID-19, investors are paying close attention to Amazon’s performance.

Electric vehicle maker Tesla announced plans to launch its 'Full Self-Driving' (FSD) service, but its stock price rose only 1.9%.

International oil prices fell sharply on news of supply recovery. West Texas Intermediate (WTI) crude oil for November delivery closed down 2.9% ($1.17) at $39.43 per barrel. December gold futures closed up 0.1% ($2.70) at $1,928.90 per ounce.

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