6% Rise to $695
New York Stock Market Major Indexes Weaken Amid Delay in Stimulus Bill Agreement
Tesla CEO Elon Musk is posing in front of the Nasdaq market on Tesla's Nasdaq listing day in June 2010. [Image source=Reuters Yonhap News]
[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market, facing the expiration of futures and options contracts, closed lower as the agreement on the economic stimulus package was delayed. Tesla surged and plunged sharply in the final moments of trading before its inclusion in the S&P 500 index, closing close to $700.
On the 18th (local time), the Dow Jones Industrial Average fell 124.32 points (0.41%) to 31,179.05, the S&P 500 index dropped 13.07 points (0.35%) to 3,709.41, and the Nasdaq index declined 9.11 points (0.07%) to 12,755.64.
The weekly gains were 0.4% for the Dow, 1.3% for the S&P 500, and 3.1% for the Nasdaq.
The delay in reaching an agreement on the economic stimulus bill worsened investor sentiment. Contrary to expectations that a new $900 billion stimulus package was imminent, no agreement news was reported on this day either.
Tesla, which will be included in the S&P 500 index starting on the 21st, showed large fluctuations in the final moments of trading and closed up about 6% at $695.
Tesla's stock traded around the $670 level but plunged to $636 with 15 minutes remaining before the close, then surged back close to $700 just before the market closed, showing a 'rollercoaster' session. Tesla's stock price set new intraday and closing record highs on this day as well.
JPMorgan Chase, the largest bank in the U.S., announced after the market close that the Federal Reserve (Fed) would allow dividends, causing its shares to soar 5% in after-hours trading.
West Texas Intermediate (WTI) crude oil for January delivery rose 1.5% ($0.74) to close at $49.10 per barrel. Gold for February delivery fell 0.08% ($1.50) to close at $1,888.90 per ounce.
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