[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed mixed with little volatility.
On the 16th (local time), the Dow Jones Industrial Average fell 44.77 points (0.15%) to 31,154.54, the S&P 500 index rose 6.55 points (0.18%) to 3,701.17, and the Nasdaq index increased 63.13 points (0.5%) to 12,658.19.
Weak consumer indicators, the possibility of a stimulus negotiation agreement, and statements from the Federal Reserve (Fed) shook the market that day, but there were no major variables.
While the U.S. Commerce Department reported that November retail sales fell 1.1% month-over-month, significantly missing market expectations, reports that the U.S. parties were close to agreeing on a $900 billion stimulus bill stimulated investor sentiment. In particular, the inclusion of direct cash payments as part of the stimulus attracted attention.
The Fed presented guidelines for its bond purchase policy, but there were no measures such as expanded purchases or changes in the composition that the market had expected. However, Fed Chair Jerome Powell’s explanation that additional bond purchases could be made if the economic recovery falters supported investor sentiment.
A market official explained, "Today’s Fed announcement did not differ significantly from the existing stance and therefore had little impact on the market."
West Texas Intermediate (WTI) crude oil for January delivery rose 0.4% ($0.20) to close at $47.82 per barrel. February delivery gold closed up 0.2% ($3.80) at $1,859.10 per ounce.
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