(New York = Yonhap News) Correspondent Oh Jin-woo of Yonhap Infomax = In the New York stock market, the main index rose on the back of a favorable vaccine for the novel coronavirus infection (Corona 19) and expectations of stimulating the US economy.
On the 30th (hereafter Eastern time), the Dow Jones 30 Industrial Average on the New York Stock Exchange (NYSE) closed at 30,409.56, up 73.89 points (0.24%) from the battlefield.
The Standard & Poor’s (S&P) 500 index closed at 3,732.04, up 5.0 points (0.13%) from the battlefield, while the technology stock-oriented NASDAQ index closed at 12,870.00, up 19.78 points (0.15%).
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The market watched news related to the spread of Corona 19 and vaccines, US stimulus measures, and key economic indicators.
The UK has approved the use of the COVID-19 vaccine jointly developed by AstraZeneca and Oxford University.
AstraZeneca’s vaccine is evaluated as having advantages in large-scale vaccination compared to other vaccines because it is easy to distribute and store, and is inexpensive.
Expectations that the economy will recover rapidly next year if the vaccine becomes widespread is a key factor supporting the stock market.
There is also high hope that the US$900 billion fiscal stimulus plan will alleviate the economic shock of the corona19 relapse in winter.
Treasury Secretary Stephen Manusin said cash payments of $600 per person to Americans began the night before.
The US Congress is also pushing ahead with a plan to increase the amount of cash payments to $2,000 per person.
President Donald Trump requested an increase, and the Democrat-led House of Representatives passed it.
However, it is unclear whether the Senate passes.
Republican Senate Representative Mitch McConnell rejected the Democratic party’s request for expediting the bill to increase cash payments the previous day.
Afterwards, CEO McConnell proposed a bill to deal with the increase in cash payments, restrictions on the immunity privileges of social network service (SNS) companies, and the establishment of a committee to discuss the issue of presidential election irregularities.
As there is little possibility that the Democratic Party will agree on other matters other than the increase in cash payments, it can be interpreted as actually expressing opposition to the increase.
The current Corona 19 crisis is still serious, with mutant viruses being confirmed one after another in the UK and South Africa and spreading around the world.
A mutant corona19 patient was also confirmed in the United States. Since the patient has never traveled to the UK or the like, it raised concerns that the mutant virus may have already spread to the community.
In the United States, the number of hospitalized patients has also increased continuously, increasing the burden on the medical system in various places.
Responses from countries are also strengthening, with the UK increasing the intensity of blockade measures in multiple regions and Germany expected to maintain national blockades longer than planned.
If measures such as restrictions on movement are strengthened, the vitality of the economy will inevitably decrease.
By industry on this day, the material sector rose 1.34%, and the industry leader rose 0.66%. Technology shares fell by 0.02%.
The economic indicators released on that day were mixed.
According to the Supply Management Association (ISM)-Chicago, the Chicago Purchasing Managers Index (PMI) for December rose to 59.5 from 58.2 last month. It easily exceeded the expert estimate of 56.0 compiled by The Wall Street Journal.
On the other hand, the National Real Estate Brokers Association (NAR) announced that the pending home sales index for November fell 2.6% from the previous month to 125.7. It was weaker than the market forecast, down 0.3% MoM.
New York stock market experts expressed their expectations for a rapid recovery of the economy next year following the spread of the Corona 19 vaccine.
Brian Demin, portfolio manager of Janus Henderson, said, “We expect a strong rebound in the economy next year following the pandemic of this year and the headwind of the US-China trade war in 2019.” “We expect a widespread recovery as the vaccine becomes widespread and consumers return to the physical economy.”
On the Chicago Options Exchange (CBOE), the volatility index (VIX) fell 1.34% from the previous trading day to 22.77.
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2020/12/31 06:44 sent
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