[Asia Economy New York=Correspondent Baek Jong-min] The Dow Jones Industrial Average closed at an all-time high on the New York Stock Exchange. Following Pfizer, Moderna also confirmed the effectiveness of its COVID-19 vaccine, drawing investors' attention to value stocks.
On the 16th (local time), the Dow Jones rose 470.63 points (1.6%) to close at 29,950.44, the S&P 500 index increased by 41.76 points (1.16%) to 3,626.91, and the Nasdaq index closed up 94.85 points (0.8%) at 11,924.13.
The Dow Jones recovered to pre-COVID-19 levels, marking an all-time closing high. Approaching the 30,000 mark, the first-ever breakthrough of 30,000 points seems imminent. Unlike the Nasdaq, which is tech-heavy, the Dow, centered on traditional stocks, had a delayed recovery from the sharp decline caused by the COVID-19 crisis. The S&P 500 also recorded an all-time closing high.
Although Moderna's vaccine performance announcement led to a smaller market rise compared to Pfizer's announcement day, it was sufficient to boost expectations for economic recovery. The Nasdaq also rose, but stocks considered beneficiaries of COVID-19 such as Zoom and Netflix showed weakness.
As investments poured into risk assets, safe-haven assets weakened. The 10-year U.S. Treasury yield rose slightly, entering the 0.9% range on the day.
West Texas Intermediate (WTI) crude oil for December delivery closed up 3% ($1.21) at $41.34 per barrel. December delivery gold closed at $1,887.80 per ounce, up 0.08% ($1.60).
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