Apple Releases New Product but Stock Slumps... Tesla Advances Toward All-Time High (Comprehensive)

Dow Jones Stagnates While S&P 500 and Nasdaq Rally
Nikola Falls Another 9% Amid Fraud Allegations

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market continued its upward trend. On the 15th (local time), the Dow Jones Industrial Average rose by 2.27 points (0.01%) to close at 27,995.60, the S&P 500 index increased by 17.66 points (0.52%) to 3,401.20, and the Nasdaq index climbed 133.67 points (1.21%) to finish at 11,190.32.

[Image source=Reuters Yonhap News]

On this day, the stock prices of Apple and Tesla showed a stark contrast. After previously falling together, they moved in opposite directions.

Apple, which announced the new Apple Watch, only rose by 0.2%. Although it surged more than 3% early in the session, it experienced volatility after the product launch event, even falling 1.5% at one point.

In contrast, Tesla surged 7.18% to $449, nearing the $450 mark. This came just a week after it had plunged to around $330, down 30% from its recent high. Tesla has now rebounded nearly 30% in just one week, and the previous peak of $500 is not far off.

Nikola, a hydrogen truck manufacturer facing fraud allegations, dropped 8%, giving back all the gains from the previous day’s rebound. The U.S. Securities and Exchange Commission (SEC) has launched an investigation into the fraud allegations, and news that the Department of Justice is also investigating has heightened concerns.

The market is closely watching the Federal Open Market Committee (FOMC) meeting of the U.S. Federal Reserve, which is scheduled for two days starting today. As this is the last FOMC meeting before the U.S. presidential election, investor interest is particularly high.

International crude oil prices surged as U.S. oil production facilities were shut down due to a hurricane. West Texas Intermediate (WTI) crude oil for October delivery closed at $38.28 per barrel, up 2.7% ($1.02) from the previous day. December gold futures closed at $1,966.20 per ounce, up 0.1% ($2.50).