[Asia Economy New York=Correspondent Baek Jong-min] On the 7th, the New York stock market closed mixed. The minutes of the Federal Open Market Committee (FOMC) released that day suggested a prolonged accommodative monetary policy, leading the S&P 500 index to close again at an all-time high, while the Nasdaq index showed weakness.
On the 7th (local time), the Dow Jones Industrial Average rose 16.02 points (0.05%) to 33,446.26, the S&P 500 index increased by 6.01 points (0.15%) to 4,079.95, and the Nasdaq index fell 9.54 points (0.07%) to 13,688.84.
Although the Nasdaq index declined, major tech stocks all rose. Apple increased by 1.34%, and Google, Microsoft, and Facebook also showed strength. Tesla fell by 2.9%.
Cruise lines such as Carnival also showed strong stock performance that day, reflecting expectations for a recovery in travel.
According to the Fed's minutes of last month's Federal Open Market Committee (FOMC) released that day, the members stated that greater progress is needed to change the accommodative policy and they judged that there is no risk of inflation.
Fed Governor Lael Brainard appeared on CNBC and said that while the economic outlook has brightened considerably, there is still a distance to the target.
FOMC members also assessed that the rise in U.S. Treasury yields would not continue. The 10-year U.S. Treasury yield fell to 1.628% intraday but later settled at 1.679%.
Jamie Dimon, CEO of the largest U.S. bank JP Morgan, in a letter to shareholders, forecasted that the economic boom would continue through 2023 due to large-scale savings, expanded government fiscal spending, and COVID-19 vaccinations.
The May West Texas Intermediate (WTI) crude oil price closed at $59.77 per barrel, up $0.44 (0.7%) from the previous session.
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