[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed higher across the board on the 3rd (local time). Economic indicators showed improvement, and with assessments that the spread of the novel coronavirus infection (COVID-19) is slowing down, large technology stocks made notable gains.
The Dow Jones Industrial Average rose 236.08 points (0.89%) to close at 26,664.40, the S&P 500 index increased by 23.49 points (0.72%) to 3,294.61, and the Nasdaq index closed up 157.52 points (1.47%) at 10,902.80. The Nasdaq index set another all-time high record.
In the New York stock market, Microsoft (MS), which is pursuing the acquisition of the U.S. operations of Chinese social media TikTok, led the market rally with its stock price surging 5.6%.
The announcement by U.S. pharmaceutical company Eli Lilly that it has entered Phase 3 clinical trials for a COVID-19 treatment also acted as a positive factor for the stock market.
The economic indicators released that day were also favorable. The Institute for Supply Management (ISM) announced that the July Manufacturing Purchasing Managers' Index (PMI) was 54.2. Following 52.6 in the previous month, it again exceeded 50. A PMI above 50 indicates economic expansion.
Influenced by the strong PMI, West Texas Intermediate (WTI) crude oil for September delivery closed at $41.01 per barrel, up 1.8% ($0.74) from the previous trading day. December gold closed at $1,986.30 per ounce, up 0.1% ($0.40).
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