[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed mixed amid concerns of a resurgence of the novel coronavirus (COVID-19).
On the 19th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average fell 208.64 points (0.80%) to close at 25,871.46, the S&P 500 index dropped 17.60 points (0.56%) to 3,097.74, and the Nasdaq index rose 3.07 points (0.03%) to 9,946.12.
The weekly gains were 1.04% for the Dow, 1.86% for the S&P 500, and 3.73% for the Nasdaq.
On that day, the market lost upward momentum as new daily COVID-19 cases hit record highs in states including Arizona and Florida. Apple announced it would close some stores again in four U.S. states, including Arizona and Florida, where the COVID-19 situation has worsened, raising concerns.
Federal Reserve officials also voiced a uniformly negative outlook on the future economy. Jerome Powell, Fed Chair, said, "The economy is still somewhat behind the solid pre-pandemic levels," and "The path ahead for the economy will be challenging."
Richard Clarida, Fed Vice Chair, said in an interview with Fox Business that the economy is still far from the Fed's goals, adding, "There is more the Fed can do, and the Fed will do more."
Eric Rosengren, President of the Boston Fed, said he does not expect a rapid recovery of the U.S. economy and argued that additional support from the Fed and Congress is necessary.
July delivery West Texas Intermediate (WTI) crude oil closed at $39.75 per barrel, up 2.3% ($0.91) from the previous day. August delivery gold closed at $1,753 per ounce, up 1.3% ($21.90) from the previous day.
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