[New York Close] US Welcomes Tesla and Apple as It Withdraws Currency Manipulator Designation on China

[Asia Economy New York=Correspondent Baek Jong-min] On the 13th (local time), the U.S. stock market closed with the S&P 500 and Nasdaq hitting all-time highs. The upward momentum was boosted by news during the session that the U.S. would withdraw the designation of China as a currency manipulator. The strength of technology stocks was particularly notable.

On that day, the S&P 500 index rose 0.7% (22.78 points) to close at 3288.13, and the Nasdaq index increased 1.04% (95.07 points) to finish at 9273.93. The Dow Jones index also rose 0.3% (83.28 points) to record 28,907.05.

The main issue driving the market that day was the news of the U.S. canceling the designation of China as a currency manipulator. When the U.S.-China trade dispute intensified, the U.S. abruptly designated China as a currency manipulator in August last year. As the two countries' agreement progressed, the market welcomed the U.S. expressing its intention to withdraw the currency manipulator designation ahead of the signing ceremony of the Phase 1 trade agreement scheduled for the 15th.

Apple continued its recent strength by rising 2.1% that day. The upward momentum was further supported by a securities firm raising its target price, anticipating the year-end release of the 5G iPhone, as well as positive expectations from the U.S.-China trade agreement. Since Apple produces most of its products, including the iPhone, in China, concerns about negative impacts from the U.S.-China trade conflict had been present.

Global software company Microsoft also recorded gains in the 1% range, influenced by Credit Suisse raising its target price from $155 to $180.

Electric vehicle maker Tesla posted a remarkable 9% gain. Tesla's stock closed at $524.86, up 9.77% ($46.71) that day. This is the first time Tesla's stock price has surpassed $500.

Despite the stock market rise, oil and gold prices weakened. International oil prices fell for the fifth consecutive trading day. West Texas Intermediate (WTI) crude oil closed at $58.08 per barrel, down 1.6% ($0.96) from the previous trading day. Brent crude for March delivery on the London ICE Futures Exchange was trading at $64.22 per barrel at 3:30 p.m., down 1.17% ($0.76) from the previous day.

International gold prices slightly declined, with February delivery gold on the New York Mercantile Exchange closing at $1550.60 per ounce, down 0.6% ($9.50) from the previous trading day.