[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market opened higher a day before the U.S. presidential election. Having recovered from the sharp decline last weekend caused by the spread of the novel coronavirus infection (COVID-19), attention is focused on the direction after the election.
On the 2nd (local time), as of 10:15 a.m., the Dow Jones Industrial Average was up 1.79%, the S&P 500 index was up 1.64%, and the Nasdaq index was up 1.34%. Major indices are expanding their gains compared to the opening, wiping out the poor performance recorded last weekend.
Experts diagnose that the New York stock market's largest drop since March last week was an overreaction.
The learning effect that the stock market usually rises after the presidential election is also cited as a reason for the rebound.
Technology stocks, which had sharply fallen due to disappointment over earnings, are attempting a rebound. Apple, which fell by more than 5% in the last trading session last week, is currently up by more than 1%. Amazon, which also showed a 5% drop, rose at the opening but has since shown a slight decline. Facebook is showing an increase of over 2%.
On this day, the strength of the Dow index constituent stocks is also notable. American Express, Home Depot, and Caterpillar are leading the index rise with gains of 2-3%.
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