Oil Prices in Free Fall: New York Stock Market Soars to New Heights
- Let's connect with Shinyoung Securities to find out the news on the New York stock market overnight.
- As the possibility of an escalation of war between Iran and Israel decreased, international oil prices plummeted, which served as a positive factor.
- 'West Texas crude oil' plunged 6.1%, ending trading at the $67 per barrel level, giving a welcome boost to the stock market.
◀ Anchor ▶
Let’s connect with Shinyoung Securities to find out the news on the New York stock market overnight.
Caster Ahn Ye-eun, please tell us.
◀ Ye-eun Ahn/Shinyoung Securities ▶
This is Shinyoung Securities.
Major New York stock market indices showed a concurrent rise.
The Dow rose 0.6%, and the S&P 500 and Nasdaq rose 0.2% each.
As the possibility of an escalation of war between Iran and Israel decreased, international oil prices plummeted, which served as a positive factor.
‘West Texas crude oil’ plunged 6.1%, ending trading at the $67 per barrel level, giving a welcome boost to the stock market.
In the stock market, large technology stocks performed well.
‘Apple’, ‘Alphabet’, and ‘Meta’ all rose 0.8%, and ‘Amazon’ also rose 0.3%.
Meanwhile, electric vehicle stocks showed mixed performance, with ‘Tesla’ falling 2.4%, but ‘Nikola’ soaring 20%.
Despite the plunge in international oil prices, U.S. Treasury yields continued to rise in the bond market.
The 10-year government bond yield is trading at 4.28%, up 0.04 percentage points.
Ahead of next week’s U.S. presidential election and the FOMC’s (Federal Open Market Committee’s) decision on the benchmark interest rate, the U.S. stock market is showing a sideways trend with repeated slight rises and falls.
It is difficult to show a clear direction whether the market is down or up.
Therefore, it is expected that the speculative market will continue for some time.
Until now, it was Shinyoung Securities.
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