[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed higher, supported by optimism about the U.S. economic situation and strong corporate earnings.
On the 10th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average rose 174.31 points (0.6%) from the previous session to close at 29,276.82, the S&P 500 index increased by 24.38 points (0.73%) to 3,352.09, and the Nasdaq finished trading up 107.88 points (1.13%) at 9,628.39. The S&P 500 and Nasdaq also set all-time highs that day.
MarketWatch analyzed that the market resumed its upward trend as concerns about the novel coronavirus diminished. It interpreted that solid corporate earnings are supporting the stock market.
Shack Manuelian, Head of Equity Management at Wedbush Securities, said, "Corporate earnings are showing strong performance. Since future outlooks are also positive, the market is responding accordingly."
Some argued that the congressional testimony by Jerome Powell, Chairman of the Federal Reserve (Fed), scheduled for the 11th and 12th, is also worth anticipating. There is hope that Chairman Powell, concerned about the economic impact of the novel coronavirus, may pursue economic stimulus through fiscal policy.
On this day, Amazon closed up 2.63% at $2,133.91. Amazon's stock price led the market rise by breaking through the $2,100 level for the first time. Amazon's market capitalization reached $1.06 trillion.
Oil and gold prices diverged. West Texas Intermediate (WTI) crude oil closed down 1.5% ($0.75) at $49.57 per barrel. Gold closed up 0.4% ($6.10) at $1,579.50 per ounce.
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