NY Stock Market Rises on Retail Sales Increase... Bitcoin-Related Stocks Surge Past $60,000

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Major indices on the New York Stock Exchange closed higher, supported by strong corporate earnings and retail sales growth that exceeded expectations.

On the 15th (local time), the Dow Jones Industrial Average rose 382.20 points (1.09%) to close at 35,294.76, the S&P 500 index increased by 33.11 points (0.75%) to 4,471.37, and the Nasdaq index gained 73.91 points (0.50%) to finish at 14,897.34.

The U.S. Department of Commerce reported that September retail sales increased by 0.7% compared to the previous month, boosting investor sentiment. This exceeded the market expectation of a 0.2% decline, indicating that the U.S. economy remains on an upward trajectory.

Following the positive retail sales news, the yield on the 10-year U.S. Treasury note rose. The 10-year Treasury yield climbed to 1.572%. As Treasury yields rose, the Nasdaq’s gains were limited compared to the Dow Jones.

Goldman Sachs’ earnings, released before the market opened, significantly exceeded expectations, similar to other banks’ results.

Goldman Sachs’ net income increased by 60% compared to the same period last year. Goldman Sachs’ stock price surged 3.8%, and most bank stocks rose, including Bank of America (BOA), which gained 2% after reporting earnings the previous day.

According to FactSet, among the 41 S&P 500 companies that reported third-quarter earnings, 80% posted results above expectations.

Although the White House announced it would allow entry for COVID-19 vaccinated travelers starting November 8, airline stocks showed mixed performance. United Airlines rose slightly, while Delta Air Lines, JetBlue, and Southwest Airlines declined.

Bitcoin prices surged above $60,000 amid expectations that the U.S. Securities and Exchange Commission (SEC) will approve Bitcoin futures ETFs, causing Coinbase’s stock to jump 7.9%. After surpassing $60,000, Bitcoin climbed further into the $62,000 range, approaching the high of $65,000.

According to U.S. media reports, the SEC is expected to approve Bitcoin futures ETFs from ProShares and Invesco. The ProShares ETF is anticipated to begin trading on the New York Stock Exchange on the 19th.

Bitcoin’s rally also lifted stocks holding Bitcoin, with Tesla up 3%, Square up 0.3%, and MicroStrategy up 3.5%.

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