New York Stock Exchange Rises on Security of US-China Trade Agreement – NASDAQ again high

In the New York Stock Exchange, major indices rose due to improved economic indicators and a sense of security related to the US-China trade agreement. The Nasdaq index centered on technology stocks broke the highest on the second day, showing a rally on the 8th trading day. 

On the 23rd (local time), the Dow Jones 30 industry average index on the New York Stock Exchange (NYSE) rose 131.14 points (0.5%) to 26,156.10 from the battlefield. The Standard & Poor’s (S&P) 500 index ended 13.43 points (0.43%) higher than the battlefield at 3,131.29, while technology-focused NASDAQ closed at 10,131.37, 74.89 points (0.74%). 

Nasdaq replaced all of the record highs on the midday price and closing price. Nasdaq is again the 21st highest ever this year. It rose on the 8th trading day, which is the longest period since December last year, when it rose 11 consecutive days. Apple climbed 2.1%, hitting record highs, and Facebook (1.3%) and Amazon (1.9%) all climbed. Apple hosted the World Developers Conference WWDC 2020 online and announced a new operating system (OS).

The market was concerned about the aftermath of the new coronavirus infection (Corona19), but the economic indicators, expectations for a stimulus package, and the relief of the US-China trade agreement were overwhelming. Finance Minister Stephen Manusin told Bloomberg that “the new stimulus plan could go through parliament next month.” President Donald Trump continued his criticism of China and said, “The trade agreement with China is fully intact.”

The Composite Buyer Management Index (PMI) in June rose for the second straight month, reflecting the US manufacturing and service sector. Composite PMI this month was 46.8, up 9.8 points from last month (37.0), market research firm IHS Markit said. If PMI is over 50, it means expansion of the game, and contraction below it. New home sales in May also increased 16.6% MoM.