NY Stock Market, Nasdaq Fell Yesterday and Dow Jones Index Dropped Today

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed lower due to concerns over the Omicron variant and tightening.

[Image source=Reuters Yonhap News]

On the 17th (local time), the Dow Jones Industrial Average fell 532.20 points (1.48%) to 35,365.44, the S&P 500 dropped 48.03 points (1.03%) to 4,620.64, and the Nasdaq index slipped 10.75 points (0.07%) to 15,169.68.

Following a more than 2% decline in the Nasdaq the previous day, the Dow's drop was more pronounced this day. It was "Quadruple Witching Day," when stock index futures and options, as well as individual stock futures and options, expire simultaneously, leading to increased market volatility.

John Williams, President of the Federal Reserve Bank of New York, said that the Fed's decision to end tapering in March next year would create options for interest rate hikes.

President Williams explained that if the Fed raises rates next year, it would be a positive signal regarding the position in the economic cycle.

Christopher Waller, a Fed Governor, expected that interest rates could be raised soon after tapering ends in March next year.

Among individual stocks, Rivian, emerging as a rival to Tesla, fell about 10% after forecasting difficulties in achieving its production targets for this year.

Following news of the successful box office performance of the movie "Spider-Man: No Way Home," meme stock AMC's shares rose by 19%.

This content was produced with the assistance of AI translation services.