Mixed Close on NY Stock Market... Travel and Oil-Related Stocks Rally

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market, which resumed trading after the Memorial Day holiday, closed mixed.

On the 1st (local time), the Dow Jones Industrial Average rose 45.86 points (0.13%) to 34,575.31, the S&P 500 index fell 2.07 points (0.05%) to 4,202.04, and the Nasdaq index dropped 12.26 points (0.09%) to 13,736.48.

Travel-related stocks and airline stocks, which saw increased customer demand during the Memorial Day period, rose.

Shares of Carnival and Norwegian Cruise increased by more than 2%, while American Airlines and United Airlines stocks rose by more than 1% and 2%, respectively. Hotel chain stocks such as MGM and Hilton also rose across the board. Rental car companies like Hertz and Avis saw their stock prices rise by about 2%.

As OPEC+ announced it would maintain its existing production cut easing policy and West Texas Intermediate (WTI) crude oil prices hit a two-year high, major oil companies such as ExxonMobil and Chevron rose by about 2-3%.

The 'meme stock' theater chain AMC closed up 22%, buoyed by news that it raised $230.5 million by selling 8.5 million new shares to hedge fund Mudrick Capital. GameStop shares also rose 12%.

As U.S. Treasury yields rose following strong economic indicators, bank stocks including JPMorgan all showed gains in the 1% range.

The economic indicators released that day continued to show strength.

The final May manufacturing Purchasing Managers' Index (PMI) compiled by IHS Markit (seasonally adjusted) reached 62.1, setting a record high. It also exceeded the experts' forecast of 61.5 compiled by Dow Jones.

The May manufacturing PMI released by the Institute for Supply Management (ISM) was 61.2, maintaining expansion for 12 consecutive months.