Dow and S&P 500 Rise for 4 Consecutive Weeks... Coinbase Up 5%

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market continued its upward trend. The Dow Jones Industrial Average and the S&P 500 index once again reached record highs.

On the 16th (local time), the Dow rose 164.68 points (0.48%) to close at 34,200.67, the S&P 500 increased 15.05 points (0.36%) to 4,185.47, and the Nasdaq rose 13.58 points (0.10%) to close at 14,052.34.

On a weekly basis, the Dow and S&P 500 achieved four consecutive weeks of gains, while the Nasdaq rose for three consecutive weeks.

Major tech stocks such as Apple and Tesla showed little change. Among cyclical stocks, Boeing's decline was notable.

Coinbase, the cryptocurrency exchange that went public this week, rebounded from the previous day's decline and recorded a gain of over 5%.

The ARK Innovation ETF, led by Cathie Wood, reportedly purchased Coinbase shares. ARK sold shares of ICE, the parent company of the New York Stock Exchange (NYSE), while buying Coinbase.

May West Texas Intermediate (WTI) crude oil prices closed down 33 cents (0.5%) at $63.13 per barrel. WTI prices rose 6.4% over the week.