NY Stock Market, Successful Rebound... Limited Rise in Treasury Yields

[Asia Economy New York=Correspondent Baek Jong-min] The major indices of the New York stock market closed higher as they absorbed the Omicron COVID-19 variant wave. The downturn caused by Omicron appears to have calmed for now.

[Image source=Reuters Yonhap News]

On the 29th (local time), the Dow Jones Industrial Average rose 236.60 points (0.68%) to close at 35,135.94, the S&P 500 index increased by 60.65 points (1.32%) to 4,655.27, and the Nasdaq index surged 291.18 points (1.88%) to 15,782.83.

The major indices of the New York stock market had fallen sharply by 2% on the 26th as the Omicron turmoil spread, but sought a rebound on this day.

U.S. President Joe Biden’s early projection that there would be no additional lockdown measures in response to Omicron improved investor sentiment.

On this day, the U.S. 10-year Treasury yield recorded around 1.51%, but the increase was not significant. The Treasury yield did not threaten the 1.7% level seen just before the emergence of Omicron.

With the rise in Treasury yields limited, the dollar index also increased by only 0.1%. The dollar index had plunged 0.75% on the 26th.

Moderna, the COVID-19 vaccine manufacturer, rose about 12% on this day following a more than 20% increase last Friday. BioNTech rose 4%.

With the limited rise in Treasury yields, major tech stocks such as Amazon and Apple rose more than 2%. Tesla also showed a 5% increase.

Twitter experienced significant intraday volatility on news that CEO Jack Dorsey would step down, ultimately closing down 2.7%.

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