[New York Close] Decline Narrowed but Rebound Attempt Failed

[Asia Economy New York=Correspondent Baek Jong-min] The U.S. New York stock market once again fell, unable to escape the 'curse' of the novel coronavirus infection (COVID-19).

On the 26th (local time), the Dow Jones Industrial Average fell 123.77 points (0.46%) to close at 26,957.59, the S&P 500 index dropped 11.82 points (0.38%) to 3116.39, while the Nasdaq index rose 15.16 points (0.17%) to close at 8980.78.

On this day, the New York stock market attempted to recover from two days of sharp declines but failed. The Dow initially rose as much as 460 points early in the session but gradually reduced its gains and turned downward in the afternoon. Toward the end of trading, the decline widened to over 100 points, with the intraday high and low difference approaching 600 points.

In Brazil, where the first confirmed case occurred, the Sao Paulo stock market was hit hard, plunging by 7%.

U.S. President Donald Trump is scheduled to address COVID-19 in a press conference at 6 p.m. (8 a.m. Korean time), two hours after the New York market closes. There is growing attention from investors as there is speculation that President Trump may impose entry bans on countries affected by COVID-19 such as Korea and Italy.

Since reports have emerged that President Trump is dissatisfied with the health authorities' response to COVID-19, various possibilities are being considered, including whether additional tough measures will be taken or if the response will remain at the level of boasting about the U.S. handling of COVID-19.

Safe-haven assets attracted funds again on this day. The yield on the 10-year U.S. Treasury note fell to 1.30%, continuing its record low from the previous day.

International oil prices were weak again today. West Texas Intermediate (WTI) crude oil for April delivery closed down 2.3% ($1.17) at $48.73 per barrel.

International gold prices also fell for the second consecutive day. On the New York Mercantile Exchange, April delivery gold closed at $1643.10 per ounce, down 0.4% ($6.9) from the previous day.