New York Stock Market Slightly Down... Intel Soars, Alibaba Rebounds

[Image source=EPA Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market failed to maintain its early gains and closed lower.

On the 29th (local time), the Dow Jones Industrial Average fell 68.30 points (0.22%) to 30,335.67, the S&P 500 index dropped 8.32 points (0.22%) to 3,727.04, and the Nasdaq index declined 49.20 points (0.38%) to 12,850.22.

The New York stock market continued its early upward trend and reached record highs but then reversed into a downward trend.

Investor sentiment worsened after Mitch McConnell, the Republican Senate Majority Leader, rejected the bill passed by the House the day before to provide $2,000 in cash per citizen.

Shares of Intel surged 4.9% following activist investment fund Third Point’s call for alternatives amid concerns over Intel’s declining competitiveness.

Alibaba, which had fallen due to Chinese government restrictions, rose sharply for the first time in a while. Alibaba’s stock price surged 6.25% that day.

Apple, which had shown strength following reports of a possible entry into the automobile market, fell 1.33%.

West Texas Intermediate (WTI) crude oil for February delivery in India closed at $48.00 per barrel, up 0.79% (38 cents). February delivery gold closed at $1,882.9 per ounce, up 0.13% ($2.5).

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