New York Stock Market Rises Despite Trump Setbacks... Concerns Over COVID Variant Ease

Financial and Travel Stocks Rally
Tesla Attempts Rebound After Three Days

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Baek Jong-min] The New York stock market opened strong despite U.S. President Donald Trump demanding a reconsideration of the $900 billion stimulus bill by insisting on a $2,000 cash payment per individual.

As of 10:10 a.m. local time on the 23rd, the Dow Jones Industrial Average rose 0.69%, and the S&P 500 index increased by 0.45%. The Nasdaq index, which hit an all-time high the previous day, was up 0.01%.

The S&P 500, which had been sluggish due to concerns over the emergence of a variant of the novel coronavirus infection (COVID-19), returned to an upward trend after three days. The Nasdaq is showing a slight bullish trend.

Travel-related stocks, which had fallen due to concerns about the COVID-19 variant, surged. United Airlines and Delta Air Lines each rose more than 2%. Cruise travel company Carnival jumped 4%. This is interpreted as being supported by analyses suggesting that vaccines will remain effective against the COVID-19 variant.

Financial stocks such as JPMorgan are also showing strength, leading the market's upward momentum.

Tesla, which had fallen for two consecutive days due to reports that Apple will launch an electric vehicle in 2024, is showing an upward trend. Apple’s stock, which had been strong, remained flat.

Although President Trump expressed dissatisfaction with the $600 cash payment included in the stimulus bill a day earlier and urged it to be revised to $2,000, raising concerns about the bill’s signing, the market was not significantly shaken.

This is interpreted as likely because even if President Trump does not sign the bill, it is highly probable that the bill will take effect as originally planned.

According to CNBC, Ed Mills, an analyst at investment firm Raymond James, wrote in a memo to clients, "Although uncertainty will increase significantly due to President Trump’s demands, the existing bill will ultimately be finalized." He explained, "Even if President Trump does not sign the bill, it will take effect on January 3rd."

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