[Asia Economy New York=Correspondent Baek Jong-min] The major indices of the New York stock market rose for the second consecutive day. The Nasdaq index showed strong performance, surpassing 15,000 for the first time ever.
On the 24th (local time), the Dow Jones Industrial Average rose 30.55 points (0.09%) to close at 35,366.26, the S&P 500 index increased by 6.70 points (0.15%) to 4,486.23, and the Nasdaq index jumped 77.15 points (0.52%) to close at 15,019.80.
The Nasdaq index surpassed 15,000 for the first time ever on a closing basis. The S&P 500 also continued its record-high streak.
The Nasdaq index has been rising as Treasury yields stabilized amid the spread of the Delta variant.
Formal approval of the Pfizer vaccine also stimulated investor sentiment for the second day.
The political sphere also contributed to the stock market rise. The U.S. House of Representatives passed a $3.5 trillion budget resolution and a $1 trillion infrastructure investment resolution after Speaker Nancy Pelosi and moderate Democratic lawmakers agreed to resolve the deadlock. As a result, the two bills are expected to pass without Republican obstruction. The House vote on the two bills is scheduled for September 27.
Shares of Chinese listed companies, which had been plummeting due to regulatory risks from Chinese authorities, surged sharply.
Tencent, Alibaba, and JD.com shares rose by more than 9%, 6%, and 14%, respectively. Baidu also soared by 8.6%.
The rise was led by Tencent’s large-scale share buyback, JD.com’s strong earnings, and news of Ark Investment Management, run by “Donamu Unni” (Cash Wood), buying JD.com shares.
Following the announcement allowing Chinese citizens to visit Macau casinos, casino companies such as Wynn, MGM, Caesars, and Sands saw their stock prices rise by 7%.
The rise of 'meme' stocks was also notable. GameStop rose 27%, AMC increased by 20%. BlackBerry gained 8%, and Bed Bath & Beyond rose 4%.
Best Buy surged 8% on the back of strong earnings.
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