Apple and Amazon Rally and Bank Stocks Gain... New York Stock Market Strengthens Ahead of September Close

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed strong amid expectations of a possible agreement on an economic stimulus package. This is interpreted as an attempt to recover losses ahead of the September trading close.

On the 28th (local time), the Dow Jones Industrial Average rose 410.10 points (1.51%) to close at 27,584.06, the S&P 500 index increased by 53.14 points (1.61%) to 3,351.60, and the Nasdaq index gained 203.96 points (1.87%) to finish at 11,117.53.

The market rise was attributed to House Speaker Nancy Pelosi stating that she would continue negotiations on the economic stimulus bill with Treasury Secretary Steven Mnuchin, which stimulated investor sentiment.

Technology stocks showed strength as bargain hunting followed recent corrections. Among individual stocks, Apple continued its strong performance with a 2.39% increase. Amazon, which announced its 'Prime Day' sale event next month, also showed a 2.55% gain. Tesla's stock price rose by 3.4%.

On the other hand, major tech stocks such as Facebook, Microsoft, and Alphabet saw relatively modest gains, with increases around 1%.

Bank stocks also stood out with strength. Shares of JPMorgan Chase, Bank of America, and Citigroup all rose by over 2%.

Morgan Stanley's chief U.S. equity strategist Mike Wilson said, "The U.S. stock market, especially the Nasdaq, faced difficulties in September, and with many variables such as the presidential election, the downturn may continue into October," but he also predicted, "This correction is temporary and further gains will appear."