Amazon Surges Amid COVID-19 Spread... New York Stock Market Closes Strong

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market overcame concerns over the spread of the novel coronavirus infection (COVID-19) and closed higher.

On the 22nd (local time), the Dow Jones Industrial Average rose 140.48 points (0.52%) to close at 27,288.18, the S&P 500 index increased 34.51 points (1.05%) to 3,315.57, and the Nasdaq index closed up 184.84 points (1.71%) at 10,963.64.

Despite the resurgence of COVID-19, the rebound in tech stocks led the market higher. On the day, the UK announced nationwide lockdown measures including banning operations of pubs, bars, and restaurants after 10 p.m., and in the US, COVID-19 deaths surpassed 200,000, while new cases reached about 52,000, marking the highest level since mid-August.

The resurgence of COVID-19 brought strength to tech stocks, which are expected to benefit from contactless trends. This explains the strong performance of the recently heavily corrected Nasdaq. Thanks to the strength in tech stocks, the Dow, which is centered on traditional stocks, also managed to close higher.

Amazon rose as much as 5.69%, becoming the biggest beneficiary of concerns over the COVID-19 resurgence. Apple also rose about 1.5%, Microsoft 2.4%, and Zoom 5% showed upward trends.

Electric vehicle maker Tesla fell 5.6% after CEO Elon Musk tweeted that the technologies to be unveiled at the Battery Day event held that day would be difficult to commercialize on a large scale by 2022.

Amid the sharp decline of the euro and pound, the dollar value soared again. The dollar index surpassed 94 during the session, marking the highest level since July.

With the continued strength of the dollar, December delivery gold and silver closed at $1,907.60 per ounce, down 0.2% ($3) from the previous day. October delivery West Texas Intermediate (WTI) crude oil rose 0.7% ($0.29) to close at $39.60 per barrel.