[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market showed strength in early trading on expectations of economic stimulus but ended mixed, unable to overcome the surge in U.S. Treasury yields.
On the 19th (local time), the Dow Jones Industrial Average rose 0.98 points (0.0%) to close at 31,494.32, the S&P 500 index fell 7.26 points (0.19%) to 3,906.71, and the Nasdaq index rose 9.11 points (0.07%) to 13,874.46.
On a weekly basis, the Dow increased about 0.1%, while the S&P 500 fell about 0.7%, and the Nasdaq declined 1.6%.
The major indexes showed strength early in the session. U.S. Treasury Secretary Janet Yellen hinted at the need for a large-scale stimulus package and tolerance for inflation, boosting stock prices and dampening bond investor sentiment.
However, as U.S. Treasury yields rose sharply, the gains in stock prices narrowed. The 10-year U.S. Treasury yield surged intraday to 1.363%.
March delivery West Texas Intermediate (WTI) crude oil closed down 2.1% ($1.28) at $59.24 per barrel, falling below the $60 mark.
Expectations for the resumption of oil facility operations in Texas, speculation that oil-producing countries may reduce the scale of production cuts starting next month, and the possibility of Iranian oil supply due to the U.S. policy on Iran nuclear deal negotiations pulled oil prices down.
Gold for March delivery closed up 0.1% ($2.40) at $1,777.40 per ounce compared to the previous day. This is attributed to the decline in the value of the dollar. The dollar index fell 0.29% to remain at 90.34 on the day.
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