New York Stock Market Ends Mixed... Weakness in Tech Stocks Including Apple

Dow and S&P Rise... Nasdaq Closes Down 0.36%
Consumer Indicators Exceed Expectations While Industrial Production Declines

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed mixed.

On the 16th (local time), the Dow Jones Industrial Average rose 112.11 points (0.39%) to close at 28,606.31, the S&P 500 index increased by 0.47 points (0.01%) to 3,483.81, and the Nasdaq index fell 42.32 points (0.36%) to close at 11,671.56.

The weekly gains were 0.07% for the Dow, 0.19% for the S&P 500, and 0.79% for the Nasdaq.

The market was influenced by major U.S. economic indicators, stimulus negotiations, and news related to the novel coronavirus (COVID-19).

The U.S. Department of Commerce announced that retail sales in September increased by 1.9% compared to the previous month. Retail sales rose for the fifth consecutive month, with a significantly larger increase than in August. This far exceeded the Wall Street Journal (WSJ) market forecast of a 0.7% increase.

Consumer sentiment indicators were also positive. The preliminary University of Michigan Consumer Sentiment Index for October was 81.2, up from the finalized 80.4 in the previous month. It also surpassed the market expectation of 80.5.

However, the Federal Reserve (Fed) reported that industrial production in September decreased by 0.6% (seasonally adjusted) compared to the previous month. Industrial production fell for the first time in five months since April. This was far below the market expectation of a 0.5% increase.

Among individual stocks, Apple’s shares fell 1.4%, while Amazon and Tesla each dropped 2%. On the other hand, General Electric surged 6%.

West Texas Intermediate (WTI) crude oil for November delivery fell 0.2% (0.08 dollars) to close at 40.88 dollars per barrel, and December delivery gold dropped 0.1% (2.50 dollars) to close at 1,906.40 dollars per ounce.