NY Stock Market Overcomes Inflation and Employment Concerns to Close... S&P 500 Rises for 5 Consecutive Weeks

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Although the number of retirees in the U.S. has surged, causing ongoing turmoil in the labor market, major indices on the New York Stock Exchange all closed higher.

On the 12th (local time), the Dow Jones Industrial Average rose 179.08 points (0.50%) to close at 36,100.31, the S&P 500 index increased by 33.58 points (0.72%) to 4,682.85, and the Nasdaq index gained 156.68 points (1.00%) to finish at 15,860.96.

The S&P 500 index continued its upward trend for the fifth consecutive week despite inflation concerns.

According to the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) released that day, total quits in September reached 6.2 million. Voluntary quits for job changes hit a record high of 4.4 million. The Wall Street Journal diagnosed that the ripple effect of wage increases is impacting the job market, causing a chain reaction of resignations and making hiring even more difficult.

Job openings in September were tallied at 10.4 million.

On the same day, the U.S. 10-year Treasury yield rose to the 1.58% range, but the increase was limited. With the modest rise in Treasury yields, tech stocks rose relatively sharply.

Shares of Apple, Microsoft, and Amazon rose more than 1%, while Meta, the parent company of Facebook, gained 4%, and Alphabet, the parent company of Google, rose about 2%.

Micron Technology rose 3%, and ASML increased 2.1%, leading strength in the semiconductor sector. Wedbush Securities claimed that Nvidia was overvalued, but its stock closed flat.

Johnson & Johnson (J&J), a U.S. pharmaceutical company, rose 1% on news of a business split.

Rivian, an electric vehicle company noted as a Tesla killer, rose 5% again, marking three consecutive trading days of gains including its listing day. On the other hand, electric truck startup Rostown Motors plunged 17% due to poor earnings and production schedule delays.

Walt Disney fell an additional 1.5% that day following a sharp drop the previous day after Disney Plus's new subscriber growth fell short of expectations.

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