[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market started the first trading day of December on an upward trend.
As of 9:37 a.m. local time on the 1st, the Dow Jones Industrial Average was up 0.65%, the S&P 500 index rose 1%, and the Nasdaq index increased 1.15%.
The major indices of the New York stock market closed November with a sharp decline the previous day due to concerns over the Omicron COVID-19 variant and Federal Reserve Chairman Jerome Powell's indication of an early end to asset purchases.
On this day, the U.S. Treasury yield rose to 1.483%, showing a reduction in the preference for safe-haven assets.
Despite the rise in Treasury yields, the value of the U.S. dollar is weak. The dollar index also fell 0.26% on the day, recording 95.765.
Chris Shenek, investment strategist at Wolfe Research, forecasted, "The recent sharp decline is a buying opportunity, but cautious investment is necessary until the Federal Open Market Committee (FOMC) regular meeting on the 15th."
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