'GameStop' Crash Effect... New York Stock Market Posts Best Weekly Gain in 3 Months

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market rose on hopes of stimulus measures despite weak employment data.

On the 5th (local time), the Dow Jones Industrial Average closed at 31,148.24, up 92.38 points (0.3%) from the previous session, the S&P 500 index rose 15.09 points (0.39%) to 3,886.83, and the Nasdaq index ended the day at 13,856.30, up 78.55 points (0.57%).

The S&P 500 and Nasdaq indices hit record highs, marking their largest gains since November last year.

On a weekly basis, the Dow rose 3.9%, the S&P 500 increased 4.7%, and the Nasdaq gained 6%.

International crude oil prices also continued their strong trend. March delivery West Texas Intermediate (WTI) crude oil closed at $56.85 per barrel, up 1.1% ($0.62) from the previous day. Based on closing prices, WTI reached its highest level since January 22 of last year. The weekly gain this week also reached 9%.

International gold prices rebounded to the $1,800 level as the passage of a large-scale additional U.S. economic stimulus package became more visible. April delivery gold closed at $1,813 per ounce, up 1.2% ($21.80). Silver closed at $27.019 per ounce, up 3% ($0.79).

The dollar index, which shows the value of the dollar against major currencies, fell 0.64% to 90.968, further fueling the rise in gold prices.

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