New York Stock Market Surges on Stimulus Bill Agreement Expectations... Apple Up 5%

[Asia Economy New York=Correspondent Baek Jong-min] Expectations for an agreement on the stimulus bill lifted the New York stock market. Apple’s stock surged by 5%, leading the overall market rally.

[Image source=Reuters Yonhap News]

On the 15th (local time), the Dow Jones Industrial Average rose 337.76 points (1.13%) to close at 30,199.31, the S&P 500 index gained 47.13 points (1.29%) to 3,694.62, and the Nasdaq index increased by 155.02 points (1.25%) to finish at 12,595.06.

The market focused on the passage of a stimulus bill to support those affected by the novel coronavirus (COVID-19).

The day before, bipartisan lawmakers increased the possibility of an agreement by splitting the existing $908 billion bipartisan stimulus bill into $748 billion and $160 billion.

It was also reported that four bipartisan leaders, including House Speaker Nancy Pelosi and Senate Republican Leader Mitch McConnell, would meet with Treasury Secretary Steven Mnuchin.

Leader McConnell expressed his determination to stay in Congress until a stimulus deal is reached.

Apple’s stock surged 5% following reports that it plans to increase iPhone production by about 30% in the first half of the year, which was also seen as a reason for the broad rise in major indices.

West Texas Intermediate (WTI) crude oil for January delivery closed up 1.3% ($0.63) at $47.62 per barrel. February delivery gold ended the day up 1.3% ($23.20) at $1,855.30 per ounce.

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