Economic Stimulus Bill Signing Effect... New York Stock Market, Historic High 'Chorus'

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market celebrated as U.S. President Donald Trump signed the economic stimulus bill.

[Image source=AP Yonhap News]

On the 28th (local time), the Dow Jones Industrial Average closed at 30,403.97, up 204.10 points (0.68%) from the previous session, the S&P 500 index rose 32.30 points (0.87%) to 3,735.36, and the Nasdaq index increased 94.69 points (0.74%) to 12,899.42.

The three major New York stock indices started the last trading week of 2020 on a strong note and recorded all-time highs.

The market rise was interpreted as the resolution of negative factors that had suppressed the market since autumn, following President Trump's signing of a $2.3 trillion federal budget and economic stimulus bill the day before.

Travel stocks, including airlines, showed strength. Although there were opinions that expectations for Apple's entry into the automobile industry were excessive, Apple continued its strong upward trend, rising 3.6% that day. Amazon and Facebook's strength also led the market gains.

Alibaba, which had plunged 8% on the Hong Kong stock market due to increased regulatory pressure from Chinese authorities, rose 0.16%. Novavax, which announced the start of its Phase 3 COVID-19 vaccine trial that day, fell sharply by 9.66%.

West Texas Intermediate (WTI) crude oil for February delivery fell 1.26% ($0.61) to close at $47.62 per barrel. February delivery gold closed down 0.15% ($2.80) at $1,880.40 per ounce.

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