NY Stock Market Cautious... Biogen Rises 38% on Alzheimer's Drug Approval

[Image source=EPA Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed mixed amid concerns over tapering and interest rate hikes. Analysts suggest that a cautious stance is likely to continue ahead of this week's Consumer Price Index (CPI) release and next week's Federal Open Market Committee (FOMC) regular meeting.

On the 7th (local time), the Dow Jones Industrial Average fell 126.15 points (0.36%) to close at 34,630.24, the S&P 500 index dropped 3.37 points (0.08%) to 4,226.52, while the Nasdaq index rose 67.23 points (0.49%) to finish at 13,881.72.

Following last week's May employment data, which was assessed as not sufficient to trigger asset purchase tapering within the year, the S&P 500 attempted to break its all-time high but ended with a slight decline due to profit-taking. The Nasdaq index succeeded in rising as U.S. Treasury yields stabilized.

Although U.S. Treasury Secretary Janet Yellen stated that rising interest rates would be beneficial for the U.S., the remarks did not significantly impact the market.

On the day, the U.S. 10-year Treasury yield remained steady at 1.57%, unchanged from the previous day.

Biogen, a pharmaceutical company, surged 38% following news that the U.S. Food and Drug Administration (FDA) approved a new Alzheimer's disease drug.

AMC Entertainment, which attracted individual investors, rose 14%. GameStop shares increased by 12%, and BlackBerry shares rose about 14%.

The July West Texas Intermediate (WTI) crude oil price closed down 39 cents (0.6%) at $69.23 per barrel compared to the previous session. On the day, WTI prices surpassed $70 per barrel for the first time since October 2018.

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