S&P 500 rises for the longest four days in a row this year… Nasdaq 2.3%↑

US semiconductor stocks soar on Samsung Electronics’ strong performance… Energy stocks lead up

New York Stock Exchange

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(New York = Yonhap News) Correspondent Kang Geon-taek = The New York stock market in the United States is gradually rebounding in July.

On the 7th (local time), the Dow Jones Industrial Average of the New York Stock Exchange finished trading at 31,384.55, up 346.87 points (1.12%) from the previous day.

The Standard & Poor’s (S&P) 500 index rose 57.54 points (1.50%) to 3,902.62, and the tech stock Nasdaq index surged 259.49 points (2.28%) to 11,621.35, respectively.

The S&P 500 and Nasdaq indexes rose for four consecutive trading days, and in the case of the S&P 500 index, it was the longest-running tie this year following the end of March, CNBC reported.

Investors, who have been weighed down by fears of a steep rate hike by the US Federal Reserve (Fed) and a recession, are analyzed to have bought at a low price, reassured that no bad news has surfaced on the day.

New York Stock Exchange
New York Stock Exchange

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Energy stocks, such as ExxonMobil (3.2%) and Occidental Petroleum (4.0%), led the rise as international oil prices, which had plunged amid concerns regarding a global economic downturn, surged more than 4% and returned to $100 a barrel.

The fact that Samsung Electronics posted good results in the second quarter, which increased its operating profit by 11% and sales by 21%, respectively, also acted as a positive factor for the New York Stock Exchange. Semiconductor stocks such as AMD (5.2%) and Nvidia (4.8%) rose sharply all at once in ‘Samsung’s warm wind’.

In addition, GameStop, which received approval from the board of directors for a four-to-one stock split, surged 15.1%.

Some experts raise the possibility that the New York stock market is nearing a bottom, but there are also views that it is too early to discuss a bottom in an uncertain market situation.

Despite the recent rebound, the S&P 500 is still down 19% from its peak at the beginning of the year.

Investors are expected to adjust their strategy going forward, keeping an eye on the June employment report released by the US Department of Labor on the 8th.

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