New York Stock Market Rally and Bond Yields Pause... Watching the FOMC (Comprehensive)

Coupang Closes at First $50 Range

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed higher as U.S. Treasury yields slightly declined. It was seen as a cautious market ahead of the Federal Open Market Committee (FOMC) meeting scheduled for the next day.

On the 15th (local time), the Dow Jones Industrial Average rose 174.82 points (0.53%) to close at 32,953.46, the S&P 500 index gained 25.60 points (0.65%) to 3,968.94, and the Nasdaq index increased by 139.84 points (1.05%) to finish at 13,459.71.

With continued expectations of economic recovery, the Dow and S&P 500 indices once again set all-time highs. The Nasdaq also rose by 1% despite Treasury yields exceeding 1.6%, easing concerns over interest rate pressures.

On the day, the 10-year U.S. Treasury yield fell to 1.606%. This marked a reversal from last week's surge to 1.63%. Analysts suggested that ahead of the FOMC meeting on the 16th and 17th, the bond market entered a wait-and-see mode.

However, there are also forecasts that the U.S. financial market could be significantly shaken depending on the outcome of this meeting. CNBC predicted that this FOMC meeting could trigger a "March Madness."

Following this FOMC, the Federal Reserve (Fed) is expected to revise its economic outlook and interest rate forecasts. With a press conference by Chairman Jerome Powell scheduled, any unexpected developments could cause a substantial market impact.

Expectations for economic recovery are growing. On the same day, U.S. President Joe Biden announced that cash payments would be made to 100 million people within 10 days and that the 100 millionth vaccine dose would be administered.

By individual stocks, Apple rose 2.4%, and Tesla increased about 2%. American Airlines surged approximately 7.7%, and United Airlines jumped 8.2% on news of expanding travelers. Department store Macy's also rose by 10%.

Theater chain AMC soared 25% on news of theater reopenings in California.

Coupang, in its third day of trading on the New York Stock Exchange, rose 4.08% to $50.45. This was the first time Coupang closed above the $50 mark.

On the New York Mercantile Exchange, April West Texas Intermediate (WTI) crude oil prices closed down $0.22 (0.3%) at $65.39 per barrel.

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