'Concerns Over 경기 Overheating Ease' New York Stock Market Gains Two Consecutive Days (Comprehensive)

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed the week with a strong upward trend.

[Image source=Reuters Yonhap News]

On the 14th (local time), the Dow Jones Industrial Average rose 360.68 points (1.06%) to close at 34,382.13, the S&P 500 index increased by 61.35 points (1.49%) to 4,173.85, and the Nasdaq index closed at 13,429.98, up 304.99 points (2.32%).

The three major indexes rose for two consecutive days but still ended the week lower. The Dow and S&P 500 fell about 1%, while the Nasdaq dropped 2.3% on a weekly basis.

It is analyzed that retail sales and industrial production data released that day fell short of expectations, which rather eased concerns about an overheated economy and stimulated investor sentiment.

Retail sales released that day remained unchanged from the previous month. The market expectation compiled by Dow Jones was an increase of 0.8%. Retail sales for March were revised upward from 9.8% to 10.7%.

As concerns about economic overheating eased, the U.S. 10-year Treasury yield fell 0.036 percentage points from the previous day to 1.632%.

By individual stocks, most technology stocks showed strength. Walt Disney fell 2.60% due to weak Disney Plus (+) subscribers and Disney Park performance.

American Airlines and United Airlines rose more than 5%, and cruise lines Carnival and Norwegian shares both rose more than 8%.

Food delivery company DoorDash rose more than 22% as sales tripled and first-quarter order volume exceeded analysts' expectations. Accommodation sharing company Airbnb also rose 4% on news of improved earnings and expanded bookings.

Stocks of financial, consumer goods, and energy-related companies were also strong.

The June West Texas Intermediate (WTI) crude oil price rose $1.55 (2.4%) to trade at $65.37 per barrel.

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