NY Stock Market Rises on Reduced Inflation Concerns and Cryptocurrency Stability (Comprehensive)

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The major indices on the New York Stock Exchange closed higher. As inflation concerns eased, technology stocks rose, and travel-related stocks also showed strength, bringing a positive atmosphere across the market. The stabilization of cryptocurrency prices was also interpreted as a reason for investor relief.

On the 26th (local time), the Dow Jones Industrial Average rose 10.59 points (0.03%) to close at 34,323.05, the S&P 500 index increased 7.86 points (0.19%) to 4,195.99, and the Nasdaq index gained 80.82 points (0.59%) to finish at 13,738.00.

With cryptocurrency prices stabilizing and inflation concerns subsiding, investor sentiment appears to have recovered. The 10-year U.S. Treasury yield remained in the 1.5% range on the day.

Federal Reserve Vice Chair Lael Brainard appeared at a Senate hearing and stated that while the Fed is prepared to discuss reducing emergency measures, patience must still be maintained.

Bitcoin prices briefly recovered to $40,000 before trading around the $38,000 level. As cryptocurrency prices stabilized, stocks?also considered risky assets?showed positive performance.

Ahead of the Memorial Day holiday, airline and cruise company stocks notably rose.

United Airlines rose 1.8%, Delta Air Lines 1.7%, and American Airlines 2.9%. Cruise operator Royal Caribbean's stock increased about 4% following news that it received regulatory approval to resume trial operations.

The stock movement surrounding Amazon was also notable. Amazon, which acquired film production company MGM, closed up 0.19%. However, Amazon's stock performance lagged behind other major technology stocks.

Reports that Amazon is considering entering the offline pharmacy market led to declines in major pharmacy chains such as CVS, Walgreens, and Rite Aid, which all closed lower.

Ford surged 8% on news that it plans to expand electric vehicle sales to 40% of total sales by 2030. Sporting goods retailer Dick's Sporting Goods rose 17% reflecting strong earnings.

Meme stocks favored by individual investors, GameStop and AMC, surged 15% and 18% respectively, marking consecutive days of sharp gains. This is interpreted as a revival of investment in meme stocks as individual investors' enthusiasm for cryptocurrency investment cools.

Crude oil closed up 14 cents (0.2%) at $66.21 per barrel.

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