The New York Stock Market was strong last night. As additional US stimulus measures have passed the House of Representatives, good employment indicators come out. Gamestop’s stock price plunged more than 42% on this day and was sluggish.
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On the 4th (local time) on the New York Stock Exchange (NYSE), the Dow index closed at 31,055.86, up 332.26 points (1.08%) from the previous trading day. The Standard & Poor’s (S&P) 500 index rose 41.57 points (1.09%) to 3871.74, and the technology stock-oriented NASDAQ index also jumped 167.2 points (1.23%) to 13,777.74. The S&P 500 index was the highest in terms of intraday and closing prices.
The improvement in the U.S. unemployment indicator gave the market an expectation. The U.S. Department of Labor said last week that the number of claimants for unemployment insurance recorded 779,000, down 33,000 from the previous week. This is less than the market estimate of 830,000 people.
Expectations for additional stimulus packages continue. While President Joe Biden’s $1.9 trillion in stimulus package, the opposition Republican Party, is still negative, the Democrats are pushing the bill. The US House of Representatives passed the budget resolution without Republican support, and it is highly likely to pass the Senate.
Sangyoung Seo Kiwoom Securities(152,500 +2.01%) “The US stock market has risen thanks to the results of improved employment indicators and expectations of additional stimulus measures,” said the head of the investment strategy team. “He said.
PayPal and eBay jumped 7.36% and 5.31%, respectively, with good results. For the same reason, Mastercard and Visa also rose 2.41% and 3.92%, respectively.
KLA, a major semiconductor equipment stock, also rose 2.77% on solid earnings and news of a target price hike. AMAT and Lam Research also showed strength of 3.37% and 3.01%, respectively. Micron also rose 2.71%, recording a positive trend.
While Apple rose 2.58% due to the Apple Car issue, financial stocks such as JP Morgan (2.30%) and BOA (2.91%) continued to gain strength due to expectations for additional stimulus measures.
On the other hand, Qualcomm plunged 8.8% due to sluggish sales. Gamestop, which triggered volatility in the financial market due to the war between individual investors and short selling hedge funds, plunged more than 42.1% on this day. Gamestop fell more than 83.5% this month. Major tech stocks such as Tesla and Microsoft fell 0.55% and 0.41%, respectively, as sales for profit-making continued.
Yoon Jin-woo, reporter at Hankyung.com [email protected]
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