New York Stock Market Closes Higher... Impact of Stimulus Package and Improved Employment Indicators

Speaker Pelosi "Stimulus Bill Almost Ready," Raising Expectations
US Treasury Prices Fall Again...Dollar Value Rises

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed higher on expectations of an additional stimulus package agreement in the U.S. political arena.

[Image source=Reuters Yonhap News]

On the 22nd (local time), the Dow Jones Industrial Average rose 152.84 points (0.54%) to close at 28,363.66, the S&P 500 index increased 17.93 points (0.52%) to 3,453.49, and the Nasdaq index closed at 11,506.01, up 21.31 points (0.19%).

On the day, House Speaker Nancy Pelosi said the negotiations on the COVID-19 stimulus package are "almost done," maintaining market expectations.

The number of initial jobless claims announced by the Department of Labor fell by 55,000 from the previous week to 787,000, which also stabilized investor sentiment.

The U.S. 10-year Treasury yield, which has been rising daily on hopes of additional economic stimulus, rose again during the day to 0.865%. After surpassing 0.8% the previous day, the increase continues. A rise in Treasury yields means a decline in Treasury prices.

The dollar index, which shows the value of the dollar against major currencies, rose from the previous day to 92.9, breaking away from recent weakness but failing to recover the 93 level.

Tesla recorded its highest-ever sales in the third quarter, but its stock price rose only 0.75%. This result fell short of the approximately 5% increase in after-hours trading following the earnings announcement the day before.

West Texas Intermediate (WTI) crude oil for December delivery closed up 1.5% (0.61 dollars) at 40.64 dollars per barrel. December delivery gold fell 1.3% (24.90 dollars) to close at 1,904.60 dollars per ounce.