Summary
- Major U.S. stock indexes closed higher in New York, driven by strong corporate earnings and bargain hunting in semiconductor stocks.
- A 12.17% surge in Micron Technology and sharp gains in SK Hynix ADRs, SanDisk, Western Digital and Seagate lifted sentiment toward storage companies.
- Geopolitical tensions in the Middle East pushed up international oil prices, U.S. Treasury yields and the dollar index at the same time, limiting the market's upside.
Forecast Trend Report by Period
Major U.S. stock indexes closed higher on July 21, lifted by strong corporate earnings and bargain hunting in semiconductor shares.
The Dow Jones Industrial Average rose 385.38 points, or 0.74%, to 52,224.64. The S&P 500 gained 65.92 points, or 0.89%, to 7,509.20. The tech-heavy Nasdaq Composite advanced 329.13 points, or 1.29%, to 25,837.21.
Chip stocks led the rebound. Memory-chip maker Micron Technology surged 12.17%, while SK Hynix American depositary receipts jumped 13.75%.
Storage stocks also rallied. SanDisk climbed 14.27%, Western Digital gained 12.51% and Seagate rose 11.14%.
Stronger-than-expected earnings also buoyed sentiment. 3M rose 7.3% after reporting solid results and raising its full-year profit forecast. General Motors added 4.9% after posting earnings above market expectations on firm North American demand.
Still, geopolitical tensions in the Middle East kept international oil prices climbing and limited the market's upside. Front-month West Texas Intermediate crude futures rose 2.02% from the previous session to $84.91 a barrel, the highest since June 11.
Treasury yields also moved higher. The yield on the 10-year U.S. Treasury note rose 4 basis points to 4.63%.
The dollar index, which measures the greenback against six major currencies, stood at 101.188 as of 4:40 p.m., up 0.226 from the previous session.
Han Kyung-woo, Hankyung.com reporter case@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.