Tesla Surprises Again with Earnings... New York Stock Market Weakens

Disappointment Over Stalled Stimulus Negotiations
Tesla Posts Profit for 5 Consecutive Quarters
Alphabet, Google's Parent Company, Rises 2.25% Despite Antitrust Lawsuit

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market once again saw no news of the awaited stimulus agreement today. Major indices ultimately closed lower.

[Image source=Reuters Yonhap News]

On the 21st (local time), the Dow Jones Industrial Average fell 97.97 points (0.35%) to close at 28,210.82, the S&P 500 index dropped 7.56 points (0.22%) to 3,435.56, and the Nasdaq index declined 31.80 points (0.28%) to 11,484.69.

On that day, the Dow rose 100 points during the session on hopes for a stimulus deal, but Mark Meadows, White House Chief of Staff, stated there was little sign of a deal before the election, and the index failed to recover thereafter.

Alphabet, Google's parent company, which is facing an antitrust lawsuit from the U.S. federal government, closed up 2.25%. This marks a second consecutive day of gains following the previous day.

Shares of social media company Snap surged 28% after reporting strong earnings the day before. Facebook and Twitter also rose 4.17% and 8.3%, respectively, benefiting from the Snap effect.

Netflix, which saw a slowdown in new subscriber growth, closed down 6.9%.

Electric vehicle maker Tesla, the most watched company this earnings season, announced a fifth consecutive quarter of net profit after the market close. It rose 0.1% during regular trading and is up 2% in after-hours trading.

West Texas Intermediate (WTI) crude oil for December delivery closed at $40.03 per barrel, down 4% ($1.67) from the previous day. Concerns over shrinking demand appear to have driven prices down. December delivery gold closed at $1,929.50 per ounce, up 0.7% ($14.10).