[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed mixed. This is interpreted as an impact of disappointing U.S. weekly unemployment data. Airline stocks soared sharply as China eased its flight restriction regulations.
On the 4th (local time), the Dow Jones Industrial Average rose 11.93 points (0.05%) to close at 26,281.82, the S&P 500 fell 10.52 points (0.34%) to 3,112.35, and the Nasdaq dropped 67.10 points (0.69%) to 9,615.81. Although all indices were sluggish during the session, the Dow's rebound just before the close was somewhat consoling.
The U.S. stock market had shown strength earlier this week amid large-scale riots due to expectations of economic recovery, but on this day it could not avoid the impact of worse-than-expected new unemployment insurance claims.
The U.S. Department of Labor announced that last week's new unemployment insurance claims decreased by 249,000 from the previous week to 1,877,000. This was higher than the Dow Jones consensus estimate of 1,800,000. Although the number of new claims decreased, the market focused on the increase in continuing claims. The number of people claiming unemployment insurance for more than one week increased by 649,000 to 21,487,000.
U.S. exports in April plunged more than 20% compared to the previous month, causing the trade deficit to surge to over $49.4 billion, which also shook investor sentiment.
By stock, American Airlines shares soared more than 41% following China's announcement to expand flight operations under U.S. pressure. United and Delta also rose 16% and 13%, respectively. Boeing shares increased 6.4%, leading the Dow's gains.
International crude oil prices rose. West Texas Intermediate (WTI) crude closed up 0.3% ($0.12) at $37.41. Gold closed up 1.3% ($22.60) at $1,727.40 per ounce.
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