May New York Stock Market Mixed Close on First Trading Day... Altcoin Rally

Minority Sell Opinions Subside in May

[Asia Economy New York=Correspondent Baek Jong-min] Perhaps due to the Wall Street adage "Sell in May and go away," major indices on the New York Stock Exchange closed mixed on the first trading day of May. In the cryptocurrency market, while Bitcoin hesitated, altcoins continued to advance.

[Image source=Reuters Yonhap News]

On the 3rd (local time), the Dow Jones Industrial Average rose 238.38 points (0.70%) to close at 34,113.23, the S&P 500 index increased by 11.49 points (0.27%) to 4,192.66, and the Nasdaq index fell 67.56 points (0.48%) to 13,895.12.

From the first day of May, remarks by Federal Reserve Chairman Jerome Powell and U.S. manufacturing data were released, but while cyclical stocks rose, tech stocks showed mixed performance.

Cyclical stocks showed broad strength. Shares of cruise line Royal Caribbean Cruises and American Airlines rose more than 1%. Apparel and department store stocks such as Gap and Macy's surged sharply by about 7-10%. Warren Buffett's Berkshire Hathaway shares rose more than 1% on strong earnings.

Moderna's stock rose more than 4% after announcing it would provide 34 million doses of its COVID-19 vaccine to support developing countries.

Tesla's stock fell more than 3% following news that production at its German "Gigafactory" would be difficult until the end of January next year.

CNBC reported that the adage "Sell in May and go away" is not popular this year. This means that the strategy of leaving the market due to typically weak stock performance from May to October is not receiving strong support this year.

In the cryptocurrency market, Bitcoin traded at around $56,800, down 0.07% from 24 hours earlier. Ethereum, the second largest by market capitalization, surged again by 10% to reach $3,296. Ethereum’s pursuit intensified as Bitcoin stalled.

Dogecoin also surged 12% to 43 cents, setting a new all-time high. Dogecoin had previously hit 41 cents before experiencing a crash, but it recovered its losses within two weeks and recorded an even greater upward trend.

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