New York Stock Market Stumbles Amid Concerns Over Failure to Agree on Economic Stimulus Bill

All Dow Jones Components Except Intel Decline
Tech Stocks Also Broadly Weak

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed lower a day before the deadline for a pre-election stimulus agreement proposed by House Speaker Nancy Pelosi. The global resurgence of the novel coronavirus infection (COVID-19) also pressured the market.

On the 19th (local time), the Dow Jones Industrial Average fell 1.44% to 28,195.42, the S&P 500 dropped 1.63% to 3,426.92, and the Nasdaq index declined 1.65% to 11,478.88.

[Image source=AP Yonhap News]

That day, the Dow and S&P 500 experienced their largest declines since the 23rd of last month. The Nasdaq also fell the most since the 2nd of this month. The market opened mixed but widened losses after reports suggested that a stimulus agreement would be difficult to reach.

Intel, which was reported to be selling its memory business to SK Hynix, was the only Dow component stock to rise, gaining 0.78% amid the market decline.

Video conferencing solution provider Zoom also showed strength. Zoom is considered a representative beneficiary of the COVID-19 resurgence. Zoom rose as much as 5% intraday, continuing its recent strong performance.

Major tech stocks were uniformly weak. Despite expectations of strong sales of the 5G iPhone 12, Apple fell 2.5%. Amazon's stock also dropped 2%. Microsoft declined 2.4%.

Electric vehicle maker Tesla closed down 2% despite Wedbush Securities raising its target price from $475 to $500.

West Texas Intermediate (WTI) crude oil for November delivery closed at $40.83 per barrel, down 0.1% ($0.05). December gold closed up 0.3% ($5.30) at $1,911.70 per ounce.

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