New York Stock Market Closes Higher for the Week... S&P 500 and Dow Reach All-Time Highs (Comprehensive)

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The major indices of the New York stock market all rose, closing the weekly trading session on a positive note.

On the 9th (local time), the Dow Jones Industrial Average rose 297.03 points (0.89%) to close at 33,800.60, the S&P 500 index increased by 31.63 points (0.77%) to 4,128.80, and the Nasdaq index closed up 70.88 points (0.51%) at 13,900.19.

The Dow and S&P 500 indices recorded all-time closing highs. On a weekly basis, the Dow rose 1.86%, the S&P 500 increased 2.61%, and the Nasdaq gained 2.89%.

Although the producer price index released that day exceeded market expectations, it was seen as a temporary phenomenon and did not significantly impact the market.

The U.S. Department of Labor announced that the producer price index (PPI) for March rose 1.0% month-over-month on a seasonally adjusted basis. This far exceeded the 0.4% forecast compiled by Dow Jones experts. Compared to the previous year, it rose 4.2%, marking the highest increase in nine years.

Oil prices slightly declined due to concerns over crude oil supply and the fourth wave of the novel coronavirus (COVID-19). The May West Texas Intermediate (WTI) crude oil price closed at $59.32 per barrel, down $0.28 (0.5%) from the previous session.