Three major indexes gain as Trump-Xi meeting confirmed [New York market briefing]

With the White House confirming that U.S. President Donald Trump will meet Chinese President Xi Jinping next week, the three major U.S. stock indexes in New York posted gains.

On the 23rd (local time) at the New York Stock Exchange (NYSE), the Dow Jones 30 Industrial Average closed up 144.2 points (0.31%) from the previous session at 46,734.61. The Standard & Poor's (S&P) 500 index closed at 6,738.44, up 39.04 points (0.58%), and the Nasdaq Composite closed at 22,941.80, up 201.4 points (0.89%).

The U.S. White House announced at a press conference that Trump will travel from the night of the 24th via Malaysia and will visit Japan and South Korea next week.

It said that on the 28th he will hold a summit with newly appointed Japanese Prime Minister Sanae Takaichi, on the 29th with President Lee Jae-myung, and on the 30th with President Xi Jinping. Once the White House confirmed the meeting between Trump and Xi, uncertainty eased and stock indexes gained further momentum.

After the White House briefing, the S&P 500 rose by about 10 more points.

Considering Trump's volatility, there are still about ten days until the U.S.-China summit, leaving room for unexpected variables. But for now the market reacted optimistically to the White House announcement.

With the U.S.-China summit confirmed, concerns over restrictions on software exports to China that had weighed on the market the previous day were also alleviated.

The U.S. government is considering broad export restriction measures on products that incorporate U.S.-made software.

Although the Trump administration added major Russian oil firms to the sanctions list, sending West Texas Intermediate (WTI) crude futures surging more than 5%, the market paid it little heed.

A sharp rise in oil prices can lead to inflation concerns, but investors were more focused on easing U.S.-China trade tensions and corporate earnings.

Tesla's third-quarter results missed expectations and operating profit plunged by 40% year-on-year, but the stock nevertheless rebounded more than 2% that day.

IBM's software-segment revenue falling short of Wall Street expectations stood out, causing the stock to fall about 4% before finishing roughly flat.

The Philadelphia Semiconductor Index, made up of AI and semiconductor-related stocks, sharply rebounded 2.54%, recovering the prior day's losses. Oracle also rose 2.72%, restoring its market capitalization to around $800 billion.

American Airlines' stock rose in the 5% range after posting solid third-quarter results and projecting strong fourth-quarter performance.

Shin Min-kyung, Hankyung.com reporter radio@hankyung.com