'No Trump Bombshell Remarks' New York Stock Market Reacts Positively (Comprehensive)

[Image source=EPA Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market performed well in the last trading day of May, as concerns about US-China relations deteriorating to the worst situation eased.

On the 29th (local time) in the New York stock market, the Dow Jones Industrial Average closed at 25,383.11, down 0.07% (17.53 points) from the previous day, the S&P 500 index rose 0.48% (14.58 points) to 3,044.31, and the Nasdaq index increased 1.29% (120.88 points) to 9,489.87.

On that day, the New York stock market focused on a press conference by US President Donald Trump. The market was tense as President Trump announced a press conference scheduled for 2 p.m.

At the press conference held around 2:50 p.m., later than the scheduled time, President Trump announced that the process of removing Hong Kong's special status had begun. He also mentioned sanctions on Hong Kong officials and possible regulations on Chinese graduate students in the US, but made no mention of suspending the US-China trade agreement.

Despite concerns over President Trump's tough stance on China, the Dow and S&P 500, which had been weak, immediately reversed to gains. Although the Dow turned slightly negative near the close, CNBC reported that the market welcomed President Trump's remarks as less severe than expected.

International oil prices were strong. West Texas Intermediate (WTI) crude oil closed at $35.49 per barrel, up 5.3% ($1.78) from the previous day. Brent crude oil was trading at $35.31 per barrel, up 0.06% ($0.02), as of 3:02 p.m.

According to US CNBC, WTI rose 88% this month, marking the largest monthly increase on record.

International gold prices also rose, with August delivery gold up 1.4% ($23.40) from the previous day to $1,751.70 per ounce.