MS Reaches $2 Trillion Market Cap
Amazon Strengthened by Prime Day Effect
Tesla, Nvidia and Other Bitcoin-Related Stocks Rise
[Asia Economy New York=Correspondent Baek Jong-min] Major indices on the New York Stock Exchange closed higher, buoyed by a rebound in Bitcoin prices and Federal Reserve Chairman Jerome Powell's emphasis on not rushing to raise interest rates.
On the 22nd (local time), the Dow Jones Industrial Average rose 68.61 points (0.20%) to close at 33,945.58, the S&P 500 index increased by 21.65 points (0.51%) to 4,246.44, and the Nasdaq index gained 111.79 points (0.79%) to finish at 14,253.27.
On this day, the Nasdaq index reached an all-time high, supported by strong performances from tech stocks such as Amazon and Microsoft.
Amazon rose 1.49%, nearing its all-time high, amid expectations that its Prime Day sale event will set a record.
Microsoft climbed 1.2%, hitting a new all-time high. On this day, Microsoft also joined the $2 trillion market capitalization club during trading, following Apple.
Facebook rose 2%, and Apple increased by 1.2%, attracting broad investment across tech stocks.
Powell's appearance before the House of Representatives, where he reiterated that inflation is temporary and that the Fed will not rush to raise interest rates, brought positive momentum to the overall stock market.
Bitcoin's price, which had fallen below $30,000 during the morning session, recovered to the $32,000 range in the afternoon, which analysts say also contributed to the stock price gains.
Tesla, expected to report losses in the second quarter due to its Bitcoin holdings, closed up 0.5%. Cryptocurrency exchange Coinbase saw a 5% drop during the day but ended trading down 0.06%. MicroStrategy, which has accumulated 100,000 Bitcoins, reduced its losses to 5% by the close.
Nvidia, a graphics card chip maker that had fallen due to China's ban on Bitcoin mining, successfully rebounded by 2%.
Meme stock GameStop surged more than 10% on news that it raised over $1 billion through new stock issuance.
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