NY Stock Market Rebounds After Four Days... Inflow of Bargain Buying

[Asia Economy New York=Correspondent Baek Jong-min] The major indices of the New York stock market closed higher, fueled by a rebound buying spree after three consecutive days of decline.

[Image source=Reuters Yonhap News]

On the 21st (local time), the Dow Jones Industrial Average rose 560.54 points (1.60%) to close at 35,492.70, the S&P 500 index increased by 81.21 points (1.78%) to 4,649.23, and the Nasdaq index gained 360.14 points (2.40%) to finish at 15,341.09.

Despite no changes in the negative factors such as the spread of the Omicron variant and the failure of the social infrastructure investment bill, a rebound buying spree emerged amid some assessments of overselling.

The airline, cruise line, and entertainment sectors mostly recorded significant rebounds. Airline-related stocks such as Delta Air Lines, United Airlines, and Boeing rose 5-6%, while cruise lines, casinos, and hotel-related stocks surged more than 8%.

Memory semiconductor company Micron's stock soared 10% amid strong earnings and positive outlook evaluations.

Nike showed a strong gain of 6.15% following news that its quarterly earnings exceeded analysts' expectations.

Pharmacy chain Rite Aid's stock rose 21% as plans to close some stores were well received.

Software company Citrix rose 13% influenced by reports that Elliott Management is pursuing an acquisition.

Pfizer and Moderna showed declines of around 3% despite the U.S. Centers for Disease Control and Prevention (CDC) stating that two vaccine doses are insufficient to prevent Omicron.

Tesla, which had plunged to the '800 Sla' level due to the crisis of the social welfare infrastructure bill failure, rose 4.2% to reach the '900 Sla' level. Rivian also surged 7.6%.

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