Upward Trend After 20 Years... Nasdaq Surpasses 11,000 (Comprehensive)

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market showed a strong performance across the board, supported by improvements in unemployment indicators. The Nasdaq index surpassed the 11,000 mark for the first time in history.

On the 6th (local time), the Dow Jones Industrial Average rose 185.46 points (0.68%) to close at 27,386.98, the S&P 500 index increased by 21.39 points (0.64%) to 3,349.16, and the Nasdaq index gained 109.67 points (1.0%) to finish at 11,108.07.

The Nasdaq closed above 11,000 for the first time ever. It achieved the remarkable feat of rising from 10,000 to 11,000 in just 40 trading days. MarketWatch reported that this was the shortest period since 1999, when the Nasdaq rose from 3,000 to 4,000 in 38 trading days, for the index to increase by 1,000 points.

CNBC reported that the Nasdaq has risen 22% since the beginning of the year, and many analysts expect further gains in major stocks.

On this day, Nasdaq leaders Apple rose 3.49%, Microsoft 1.6%, Alphabet 1.8%, Amazon 0.62%, and Facebook 6.49%, driving the Nasdaq's gains.

The Wall Street Journal described that the so-called 'FAANG' stocks?Facebook, Apple, Amazon, Netflix, and Alphabet?led the gains on this day.

In particular, Facebook showed a significant surge amid expectations of launching a short video sharing service similar to TikTok.

The market focused on the fact that last week's initial unemployment claims decreased by 249,000 from the previous week to 1,186,000. The number of claims turned to a downward trend for the first time in three weeks, raising hopes for economic recovery.

December delivery gold closed at $2,069.40 per ounce, up 1% ($20.10) from the previous day. September delivery West Texas Intermediate (WTI) crude oil fell 0.6% ($0.24) to close at $41.95 per barrel, marking a decline after five consecutive trading days of gains.