'Democratic Party Election Victory' Brings Gloom to Major Tech Stocks and Surge in Bank Shares on New York Stock Market

Negative Impact of the Occupation of the Uisadang Incident

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market seemed to overcome concerns about the Democratic Party securing the Senate majority but ended mixed amid caution over the Capitol riot.

[Image source=EPA Yonhap News]

On the 6th (local time), the Dow Jones Industrial Average closed at 30,829.40, up 437.80 points (1.44%) from the previous session, the S&P 500 rose 21.28 points (0.57%) to 3,748.14, and the Nasdaq fell 78.17 points (0.61%) to 12,740.79.

The major indices in the New York stock market showed strength centered on the Dow and S&P 500 from the opening. The Dow briefly surpassed the 31,000 mark, setting new intraday and closing records. The S&P 500 also recorded an intraday high.

The Nasdaq also appeared to shake off weakness and showed an upward trend, seemingly alleviating concerns about the Democratic Party's control of the Senate.

However, in the afternoon, investor sentiment worsened as the certification process of President-elect Joe Biden was halted due to supporters of President Donald Trump storming the Capitol. The Nasdaq reversed into a decline and closed the session down.

Bank stocks showed strong performance. Bank of America shares surged about 6.3%, and JP Morgan Chase rose 4.7%.

Large tech stocks fell amid overlapping concerns over increased antitrust regulations and corporate tax hikes. Apple fell about 3.4%, and Facebook dropped around 2.8%.

On the other hand, electric vehicle maker Tesla closed up 2.84% amid expectations for strengthened eco-friendly policies. Tesla's stock price soared to $774 intraday.

The yield on the U.S. 10-year Treasury note surpassed 1% for the first time since March last year due to the Democratic Party's Senate control. As a result, February delivery gold fell 2.3% ($45.80) to close at $1,908.60 per ounce.

February delivery West Texas Intermediate (WTI) crude oil closed at $50.63 per barrel, up 1.4% ($0.70) from the previous trading day. This is the first time in 11 months since February last year that WTI has closed above $50 per barrel.

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