[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market fell as the Nasdaq index showed notable weakness amid disappointing unemployment data. Large tech stocks, especially Microsoft and Tesla, which announced earnings the day before, as well as Apple and Amazon, also saw deep declines.
On the 23rd (local time), the Dow Jones Industrial Average closed at 26,652.33, down 353.51 points (1.31%), the S&P 500 index fell 40.36 points (1.23%) to 3,235.66, and the Nasdaq index dropped 244.71 points (2.29%) to 10,461.42.
Microsoft reported better-than-expected earnings for the previous quarter the day before, but doubts about future growth caused it to plunge 4.3%. Tesla, which recorded profits for four consecutive quarters and met the conditions for inclusion in the S&P 500 index, also plunged 5%. Apple and Amazon fell 4.5% and 3.6%, respectively.
The market focused on the fact that new U.S. unemployment claims rose to 1.42 million, an increase of 109,000 from the previous week, marking the first increase in 16 weeks since the end of March. This reflects growing concerns that the economic recovery could be delayed due to the resurgence of COVID-19.
Amid escalating U.S.-China tensions and COVID-19 concerns, the international gold price, a safe-haven asset, continued its upward trend. August delivery gold rose 1.3% ($24.90) to close at $1,890 per ounce. It approached the all-time closing high of $1,891.90 per ounce on August 22, 2011, with only a $1.90 difference, and a breakthrough of $1,900 is imminent. The Wall Street Journal (WSJ) described this as an international "gold rush" triggered by the coronavirus.
September delivery West Texas Intermediate (WTI) crude oil closed at $41.07 per barrel, down 2% ($0.83).
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