[New York Stock Market] Three Major Indexes Reach New Highs Together After Three Days... Dow Up 0.09%

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] The three major indices of the U.S. New York Stock Exchange once again recorded simultaneous all-time highs.

On the 12th (local time), the Dow Jones Industrial Average closed at 31,458.40, up 27.70 points (0.09%) from the previous session.

The Standard & Poor's (S&P) 500 index closed at 3,934.83, up 18.45 points (0.47%), and the tech-heavy Nasdaq index closed at 14,095.47, up 69.70 points (0.50%).

Although the daily gains were not large, all three indices set closing record highs. This came just three days after they simultaneously hit record highs on the 9th.

Since the beginning of this month, the New York Stock Exchange has been on a rising rally due to expectations of a gradual reopening of economic activities and hopes for an additional $1.9 trillion fiscal stimulus package. According to CNBC, in February, the Dow rose 4.7%, the S&P 500 rose 5.4%, and the Nasdaq rose 7.1%.

Cyclical stocks sensitive to economic conditions have recently led the rally. Since the beginning of February until this day, energy stocks have risen more than 12%, and financial stocks have also jumped 8.4%.

President Joe Biden’s announcement the previous day that he had secured a total of 600 million doses of COVID-19 vaccines by purchasing an additional 200 million doses from Moderna and Pfizer further boosted rosy expectations. If the plan proceeds as scheduled, it means that by the end of July, the majority of the U.S. population of 300 million could be vaccinated.