Easing Presidential Election Concerns... New York Stock Market Closes Higher

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market, which had plunged last week, closed higher a day before the U.S. presidential election.

[Image source=Reuters Yonhap News]

On the 2nd (local time), the Dow Jones Industrial Average rose 423.45 points (1.60%) to close at 26,925.05, the S&P 500 index increased by 40.28 points (1.23%) to 3,310.24, and the Nasdaq index gained 46.02 points (0.42%) to finish at 10,957.61.

On that day, the Dow showed continuous strength, while the Nasdaq briefly turned downward in the afternoon but then returned to an upward trend.

CNBC explained, "Concerns about delays in confirming the election results have somewhat eased, leading to a market recovery." In the NBC/Washington Post poll released that day, Democratic candidate Joe Biden led President Donald Trump by 10 percentage points in nationwide support.

CNBC also reported that the market is paying attention to the Senate election results along with the presidential election. If the Democrats secure both the presidency and the Senate, additional economic stimulus measures could proceed more swiftly.

On that day, the Invesco Solar ETF, a 'Biden-themed stock,' also rose by 3.2%.

Apple and Amazon, which had plunged over 5% after last week's earnings announcements, closed lower again that day. Alphabet, Google's parent company, showed a 0.5% increase.

Traditional stocks included in the Dow were strong that day. American Express, Honeywell, and Walgreens showed relatively large gains of 3-5%.

The dollar index, which shows the value of the dollar against major currencies, rose 0.05% to 94.088 compared to the previous day but showed no significant volatility. The U.S. 10-year Treasury yield also remained steady at 0.852%.

International oil prices showed strength a day before the U.S. presidential election. West Texas Intermediate (WTI) crude oil for December delivery closed up 2.9% ($1.02) at $36.81 per barrel. December gold delivery closed at $1,892.50 per ounce, up 0.7% ($12.60).

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