Dow Jones Weekly Drop Hits Largest Since March... Tesla Falls Below $400
Reflecting Uncertainty Over Presidential Election Results and COVID-19 Spread Concerns
[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed lower next week, reflecting uncertainties about the presidential election, concerns over the spread of the novel coronavirus infection (COVID-19), and the failure of the economic stimulus bill. In particular, the Nasdaq's decline was prominent as the stocks of leading tech companies, which announced strong earnings the previous day, all plunged.
On the 30th (local time), the Dow Jones Industrial Average fell 157.51 points (0.59%) to close at 26,501.60, the S&P 500 index dropped 40.15 points (1.21%) to 3,269.96, and the Nasdaq index plunged 274.00 points (2.45%) to 10,911.59.
On that day, the Dow Jones index fell sharply by 500 points during the session but significantly reduced its losses before the close. The Dow Jones index fell 6.5% for the week, marking its worst week since March.
The decline in the market was led by major tech stocks that announced earnings simultaneously the day before. The leading stock Apple plunged 5.6%. Facebook also plunged 6.31%. Amazon's stock price also dropped 5.45%. Business Insider reported that the market capitalization of these three stocks disappeared by $220 billion in one day.
Electric vehicle maker Tesla fell 5.6% without any particular negative news, breaking below the $400 level.
On the other hand, Alphabet, Google's parent company, rose 3.8%, reflecting the effect of strong earnings.
The dollar index, which shows the value of the dollar against major currencies, was formed at 94.047, up 0.06% from the previous day.
West Texas Intermediate (WTI) crude oil for December delivery closed at $35.79 per barrel, down 1.1% (0.38 dollars) from the previous day. WTI has fallen 11% this month. December delivery gold closed at $1,879.90 per ounce, up 0.6% (11.90 dollars).
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