[New York Close] Mixed Trends Amid Weak Retail Sales

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed mixed amid weak US retail sales data.

On the 14th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average fell 25.23 points (0.09%) to 29,398.08, the S&P 500 rose 6.22 points (0.18%) to 3,380.16, and the Nasdaq rose 19.21 points (0.20%) to 9,731.18. On a weekly basis, the Dow increased by 1.02%, the S&P 500 by 1.58%, and the Nasdaq by 2.21%, respectively.

On this day, the New York stock market failed to maintain upward momentum as disappointment over the US retail sales data spread.

January retail sales increased by 0.3% compared to the previous month, meeting the market expectations compiled by Dow Jones, but the market was concerned that core retail sales showed no change compared to the previous month. There are concerns that disruptions may occur in consumption, which accounts for two-thirds of the US economy.

January industrial production also declined by 0.3% compared to the previous month, marking two consecutive months of weakness. This was interpreted as being influenced by Boeing's production disruptions and a slowdown in utility production due to warm winter weather.

The preliminary University of Michigan Consumer Sentiment Index for February was 100.9, exceeding market expectations. The Commerce Department announced that corporate inventories in December last year increased by 0.1% compared to the previous month.

News that the US government is pursuing tax-exempt benefits for individuals' stock investments acted as a positive factor.

News that the impact of COVID-19 on companies is spreading is a negative factor for the stock market going forward. CNBC reported that among the S&P 500 companies, 392 have announced earnings, and 20% of all index companies warned of the impact of COVID-19.

At the New York Mercantile Exchange (NYMEX), West Texas Intermediate (WTI) crude oil for March delivery closed at $52.05 per barrel, up 1.2% (0.63 dollars) from the previous day. This is the first weekly increase in oil prices in six weeks since the spread of the COVID-19 crisis.

Gold for April delivery closed at $1,586.40 per ounce, up 0.5% (7.60 dollars) from the previous day. Gold prices also rose 0.8% on a weekly basis.