New York Stock Market Closes Lower Amid Weak Consumer Data

[Asia Economy New York=Correspondent Baek Jong-min] Concerns over sluggish consumer spending, which accounts for two-thirds of the U.S. economy, dragged down the New York stock market.

[Image source=Reuters Yonhap News]

On the 17th (local time), the Dow Jones Industrial Average fell 167.09 points (0.56%) to close at 29,783.35, the S&P 500 index dropped 17.38 points (0.48%) to 3,609.53, and the Nasdaq index declined 24.79 points (0.21%) to finish at 11,899.34.

The market decline was decisively influenced by weak consumer data released before the opening.

The U.S. Department of Commerce announced that retail sales in October increased by 0.3% compared to the previous month. Although retail sales rose for the sixth consecutive month, the increase fell short of the market expectation of 0.5%. The growth was also notably weaker compared to the 1.6% increase in the previous month.

With new COVID-19 infections exceeding 150,000 daily since November and the spread of regions halting economic activities, the possibility of future consumption decline cannot be ruled out.

Federal Reserve Chairman Jerome Powell also expressed concern, stating that "the rapid spread of COVID-19 poses a significant risk to the economy over the coming months."

Among individual stocks, Tesla, which is set to be included in the S&P 500 index on the 21st of next month, surged 8.2%. Tesla CEO Elon Musk has risen to become one of the world's top three billionaires.

Following Amazon's announcement of its entry into the online pharmacy market, Walgreens Boots Alliance plummeted 9.6%. Another pharmacy chain, CVS, also plunged 8.5%.

West Texas Intermediate (WTI) crude oil for December delivery closed up 0.2% (0.09 dollars) at $41.43 per barrel. December gold futures fell 0.1% (2.70 dollars) to close at $1,885.10 per ounce.

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