New York Stock Market Closes Higher on First Day of December Amid Stimulus Bill Optimism

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed higher in the first trading day of December as expectations for negotiations on the economic stimulus bill rose.

[Image source=Reuters Yonhap News]

On the 1st (local time), the Dow Jones Industrial Average rose 185.28 points (0.63%) to close at 29,823.92, the S&P 500 index increased by 40.82 points (1.13%) to 3,662.45, and the Nasdaq index gained 156.37 points (1.28%) to finish at 12,355.11.

On that day, the spark of negotiations on the economic stimulus support bill, which had been dormant during the presidential election process, was revived, stimulating the stock market.

Following bipartisan lawmakers from both the Democratic and Republican parties proposing a new $900 billion economic support bill, Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi also expressed their willingness to engage in negotiations.

President-elect Joe Biden also introduced his economic team that day, emphasizing the necessity of reaching a stimulus agreement before his inauguration and stating that larger fiscal support would be implemented after taking office.

West Texas Intermediate (WTI) crude oil for January delivery fell 1.7% ($0.79) to close at $44.55 per barrel. On the New York Mercantile Exchange, February delivery gold rose 2.1% ($38) to close at $1,818.90 per ounce.

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