Dow Pauses to Breathe; Nasdaq Hits Another Record High... Intel and IBM Plunge

[Asia Economy New York=Correspondent Baek Jong-min] The major indices of the New York stock market closed mixed. The Nasdaq index once again reached an all-time high.

[Image source=EPA Yonhap News]

On the 22nd (local time), the Dow Jones Industrial Average fell 179.03 points (0.57%) to 30,996.98, the S&P 500 index dropped 11.6 points (0.3%) to 3,841.47, and the Nasdaq index rose 12.15 points (0.09%) to close at 13,543.06.

On a weekly basis, the Dow rose 0.6%, the S&P 500 increased about 1.9%, and the Nasdaq gained 4.2%.

Among individual stocks, Intel and IBM experienced notable declines. Intel's stock price plunged 9.3%. Although the earnings announced the previous day were favorable, the earnings had leaked before the market closed the day before, causing a 7% surge, but the stock weakened on this day. This is interpreted as reflecting market concerns about Intel's semiconductor process and foundry contracts. Intel's stock price gave back most of the gains made after the CEO replacement announcement.

IBM also plunged 9.9% amid evaluations that its earnings fell short of market expectations.

March delivery West Texas Intermediate (WTI) crude oil closed at $52.27 per barrel, down 1.6% ($0.86) from the previous day. February delivery gold closed at $1,856.20 per ounce, down 0.5% ($9.70).