New York Stock Market Declines Across the Board... Economic Stimulus Hopes Plummet

Mnuchin "No Intention to Reach Agreement on Airline Support Bill"

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market showed weakness as expectations for a stimulus package weakened.

On the 14th (local time), the Dow Jones Industrial Average closed at 28,514.00, down 165.81 points (0.58%) from the previous session, the S&P 500 index fell 23.26 points (0.66%) to 3,488.67, and the Nasdaq index dropped 95.17 points (0.80%) to 11,768.73.

Apple closed flat, but Amazon, which marked the end of its Prime Day sale, fell 2.3%.

The market decline was influenced by Treasury Secretary Steven Mnuchin's remark that there was no intention to reach an agreement on a standalone airline support bill.

Secretary Mnuchin and Speaker Nancy Pelosi are scheduled to continue negotiations the next day, but expectations for a deal have further diminished.

Goldman Sachs, which announced its earnings that day, recorded net profits and sales far exceeding market expectations. Goldman Sachs shares rose 0.2%.

Bank of America (BOA) and Wells Fargo posted results somewhat below market expectations. BOA shares plunged 5%.

International oil prices rose, supported by reaffirmed production cut commitments from oil-producing countries. West Texas Intermediate (WTI) crude oil for November delivery closed at $41.04 per barrel, up 2.1% ($0.84) from the previous day.

December gold closed at $1,907.30 per ounce, up 0.7% ($12.70).

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