[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed lower amid concerns over weak corporate earnings due to the impact of the novel coronavirus infection (COVID-19).
On the 18th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average fell 165.89 points (0.56%) from the previous close to 29,232.19, the S&P 500 index dropped 9.87 points (0.29%) to 3,370.29, and the Nasdaq ended trading up 1.57 points (0.02%) at 9,732.74.
After Apple announced after the previous day's close that it would not meet its first-quarter sales forecast due to COVID-19, investment sentiment deteriorated across the market.
Apple's stock price fell about 1.8%, and semiconductor-related companies' stocks also declined one after another. However, despite Apple's decline, the Nasdaq managed to close higher as the losses narrowed.
U.S. housing indicators were somewhat weaker than expected. According to the National Association of Home Builders (NAHB)/Wells Fargo, the February housing market index was 74, slightly down from 75 the previous month, falling short of the market expectation of 75. The Empire State Index for February, released by the Federal Reserve Bank of New York, rose from 4.8 the previous month to 12.9, exceeding market expectations.
Oil prices were weak, but gold prices were strong. At the New York Mercantile Exchange (NYMEX), March delivery West Texas Intermediate (WTI) crude oil was unchanged from last week's close at $52.05 per barrel.
Gold, a representative safe-haven asset, rose 1.1% ($17.20) per ounce from the previous trading day to $1,603.60 at the New York Commodity Exchange. The international gold price surpassing $1,600 per ounce is the first time in about seven years since 2013.
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