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| On the first trading day of the new year, the New York Stock Exchange fell at once./Photo = Reuters |
On the 4th (local time), when the New York Stock Exchange began trading for the first time in the new year, it closed immediately. The continued spread of the new coronavirus infection (Corona 19), along with concerns about the final vote for the US Senate elections in Georgia, had an impact.
On the New York Stock Exchange (NYSE), the Dow Jones 30 Industrial Average fell 382.59 points (1.25%) to 3,223.89 compared to the previous year.
The Dow shook the market dropping more than 700 points during the day. According to CNBC, the Dow index posted the highest selling price since October 28 of last year. The Standard & Poor’s (S&P) 500 index closed the market at 3,700.65, a decrease of 55.42 points (1.48%).
The Nasdaq index, which focuses on technology stocks, closed at 12,698.45, down 189.84 points (1.47%). The Nasdaq index posted the biggest drop per day since the 9th of last month.
The drop in the stock market is attributed to mounting tensions over the final US Senate vote in Georgia. If the Democratic Party prevails in this election, in which two legislators are elected, the so-called ‘Blue Wave’ is completed, which governs the Senate. In this case, the burden of regulatory enforcement and tax increases may be heavier. However, if the Republican Party has even one seat, it can continue to dominate in the Senate.
“If both Democratic candidates win the Georgia Senate election, the S&P 500 could drop more than 10%,” said John Stoltzpur, chief strategist at investment firm Oppenheimer.
Corona 19 spread is also a problem. British Prime Minister Boris Johnson announced in a speech to the public that the national lockdown will be taken from midnight. The UK national lockdown is the third time last year after the first round in March and the second round in November.
Prime Minister Johnson explained that the efforts were paying off in the fight against the existing virus: “The spread of the mutation is desperate and concerned.”
The spread of Corona 19 in the United States is also not good. It has also been noted that the number of patients hospitalized for Corona 19 is approaching an all-time high and that the vaccination rate is slower than expected.
