New York Stock Market Closes Strong... Tesla Falls Another 3%

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Major indices on the New York Stock Exchange all rose. Tesla continued its weakness, facing the risk of falling below the $600 level during the session.

On the 26th (local time), the Dow Jones Industrial Average rose 453.40 points (1.39%) to close at 33,072.88, the S&P 500 index increased by 65.02 points (1.66%) to 3,974.54, and the Nasdaq index rose 161.05 points (1.24%) to finish at 13,138.73.

On a weekly basis, the Dow rose 1.4%, the S&P 500 increased about 1.6%, but the Nasdaq fell approximately 0.6%.

Although the U.S. Personal Consumption Expenditures (PCE) data released that day was somewhat weak, it did not have a significant impact on the market.

The Department of Commerce announced that personal consumption expenditures in February decreased by 1.0% compared to the previous month. This was a larger decline than the 0.8% decrease forecasted by experts surveyed by The Wall Street Journal.

Most cyclical stocks were strong. The Federal Reserve (Fed) announced it would lift restrictions on dividends and share buybacks after the end of June, which led to notable gains in bank stocks.

Reflecting expectations of economic recovery, the U.S. 10-year Treasury yield rose to 1.67% that day, but the Nasdaq showed strength.

Apple closed slightly lower, but electric vehicle maker Tesla faced the risk of falling below $600 during the session, closing down 3.3% at $618.

Oil prices rose amid concerns that the reopening of the Suez Canal would be delayed. The May West Texas Intermediate (WTI) crude oil price closed up $2.41 (4.1%) at $60.97 per barrel.

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