[New York Close] Mixed Trends Amid Concerns Over Prolonged US-China Trade Dispute

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed mixed amid concerns that the US-China trade negotiations could drag on for a long time. Despite solid corporate earnings, the major negative factor of the US-China trade dispute overshadowed the market.

On the 14th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 28,939.67, up 32.62 points (0.11%) from the previous session. The Dow reached an intraday high but gave up a significant portion of its gains. The S&P 500 index also failed to maintain its strength, closing down 4.98 points (0.15%) at 3,283.15, while the tech-heavy Nasdaq index ended down 22.60 points (0.24%) at 9,251.33.

The mixed market sentiment was driven by reports ahead of the US-China Phase 1 trade agreement signing ceremony scheduled for the 15th, stating that the United States will not consider additional tariff reductions on China until after the year-end presidential election.

The report that the US will evaluate China's implementation about 10 months after the Phase 1 agreement and discuss further tariff reductions was enough to dilute the market's optimism, which had been raised a day earlier by the US excluding China from the currency manipulator designation. This fueled concerns that the Phase 1 agreement alone would not resolve the US-China conflict, tightening market sentiment.

Corporate earnings released that day were positive. JPMorgan Chase and Citigroup exceeded market expectations, and Delta Air Lines also posted better-than-expected fourth-quarter results and raised its annual profit outlook, leading to a 3% rise. Technology stocks, however, remained weak, with Apple falling about 1%.

Economic indicators were positive. The Consumer Price Index (CPI) for December, released by the Department of Labor, rose 0.2% month-over-month, lower than November's 0.3% increase and below the market forecast of 0.3%. This could ease concerns about the Federal Reserve's monetary tightening policy this year. The core CPI rose 2.3% year-over-year, in line with expectations.

Oil prices closed higher. West Texas Intermediate (WTI) crude rose 0.3% ($0.15) to $58.23 per barrel, and Brent crude from the North Sea increased 0.61% ($0.39) to $64.59 per barrel. Meanwhile, gold fell 0.4% ($6.00) to close at $1,544.60 per ounce.