New York Stock Market Rises Broadly... Strong US Economic Indicators and Sharp Surge in Crude Oil and Copper Prices

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market rebounded successfully after a sharp decline in the first trading session of the new year.

[Image source=Reuters Yonhap News]

On the 5th (local time), the Dow Jones Industrial Average rose 167.71 points (0.55%) to close at 30,391.60, the S&P 500 index increased 26.21 points (0.71%) to 3,726.86, and the Nasdaq index gained 120.51 points (0.95%) to finish at 12,818.96.

Attention was focused on the runoff election results for the Georgia Senate seat held that day, while improving economic indicators helped restore investor sentiment.

The U.S. Institute for Supply Management (ISM) announced that the December Manufacturing Purchasing Managers' Index (PMI) rose from 57.5 in the previous month to 60.7. This is the highest figure since August 2018.

The strong performance of U.S. manufacturing despite the large-scale spread of COVID-19 raised expectations for future growth.

The New York Stock Exchange (NYSE) reversed its previous announcement to delist China’s three major telecom companies, including China Mobile, and stated that trading would continue, causing related stocks to surge nearly 10%. However, after market close, news emerged that the NYSE had again decided to proceed with the delisting.

International oil prices surged above $50 for the first time since February following news that Saudi Arabia would voluntarily cut oil production, boosting oil-related sectors. Chevron’s stock price jumped 2.7%, and Exxon Mobil surged 4.8%.

Boeing, which had plunged the day before, also reversed course with a 4.4% increase.

Although the World Bank warned of a bleak decade by lowering the global economic potential growth rate to 1.9% over the next 10 years, the 'Doctor Copper' copper price, which indicates the direction of the global economy, rose 2.6%, marking the highest level in eight years, showing a contrasting trend.

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