New York stocks rise on strong performance by Apple and Intel … Dow 26↑ New York Stock Exchange Brief

Traders work on the floor of the New York Stock Exchange (NYSE), USA. /Photo = Reuters Yonhap News

The New York Stock Exchange showed strong gains as related stocks rose sharply on strong gains by Apple and Intel.

At the New York Stock Exchange (NYSE) on the 28th (local time), the Dow Jones Industrial Average closed at 32,861.80, up 828.52 points (2.59%) from the previous day. The Standard & Poor’s (S&P) 500 index finished trading at 3,901.06, up 93.76 points (2.46%) from the previous day. The Nasdaq index, which focuses on technology stocks, closed at 11,102.45, up 309.78 points (2.87%) from the previous day.

Shares related to Apple and Intel rose sharply on the same day. As the market atmosphere improved, the stock market rose. In the past few days, the performance of major technology companies has weighed on stock prices. The Dow rose 5.72% this week and the S&P 500 rose 3.95%, respectively, on the back of the day’s rebound. The Nasdaq Composite rose 2.24%.

Apple and Intel reported sales and net income that beat market expectations. Apple shares rose more than 7%. Intel rose more than 10%. The two stocks are side by side in the three major indexes. Amazon shares fell 10%, with sales beating expectations, but the decline eased to 6.8%.

The Fed’s discretionary inflation data released today showed that inflationary pressures remain. The Personal Consumption Expenditure (PCE) price index, released by the US Department of Commerce, rose 6.2% in September compared to a year earlier. The core PCE price index rose 5.1% year on year.

Inflation is well above the Fed’s 2% target. However, among the indicators released on the same day, personal consumption expenditure in September increased by 0.6% from the same period last year. This shows that consumption is still supporting the US economy.

Treasury Secretary Janet Yellen said in an interview with CNN that the United States is currently in a state of full employment.

Brian Moynihan, chief executive officer of Bank of America (BofA), said, “The US economy is not experiencing a slowing or negative growth rate, but rather a slight slowdown in growth.”

Analysts at the New York Stock Exchange analyzed that expectations that the Fed’s aggressive rate hikes are nearing their end are supporting stocks. Jeffrey Roach, chief economist at LPL Financial, told MarketWatch that “the Fed has not yet broken the ongoing trend of core inflation and is likely to remain aggressive until next week’s meeting.” “It will provide a basis for reverting to a lower hike rate,” he said.

According to the Chicago Mercantile Exchange’s (CME) FedWatch, there is an 84.5% chance that the Fed will raise its key interest rate by 0.75 percentage points in November in the Federal Funds (FF) interest rate futures market. The Chicago Board Options Exchange (CBOE) Volatility Index (VIX) fell 1.64 points (5.99%) to 25.75.

Shin Yong-hyun, reporter at


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