On the 6th (Eastern Standard Time), the three major stock indexes in New York closed higher. News that Apple will invest an additional $100 billion (approximately 139 trillion won) in the U.S. drove strong gains in technology stocks.
On that day, the Dow Jones Industrial Average closed up 81.38 points (0.18%) at 44,193.12 on the New York Stock Exchange (NYSE). The Standard & Poor's (S&P) 500 index rose by 45.87 points (0.73%) to close at 6,345.06, while the Nasdaq Composite Index finished up 252.87 points (1.21%) at 21,169.42.
Apple revealed its additional investment plan after announcing plans to invest $500 billion in the U.S. over four years following the inauguration of President Donald Trump. President Trump is expected to announce later that afternoon at the White House that Apple will invest an additional $100 billion to expand its domestic product production.
Apple's investment is seen as a measure to benefit from tariffs. This investment aims to gain a competitive edge over rivals by benefiting from tariffs. The stock price of Apple rose by 5.09% following this news.
With Apple's strong stock performance, big tech companies also showed signs of recovery. All big tech companies, except Microsoft, experienced gains. Amazon rose by 4%, and Tesla increased by over 3%.
The dovish public remarks from key Federal Reserve (Fed) officials also positively impacted the market, heightening expectations for an interest rate cut in September. Susan Collins, president of the Federal Reserve Bank of Boston, said at an event in Boston that day, "The July employment data has sent concerning signals," adding, "There may be significant corrections at an economic turning point, and we must be cautious and humble when interpreting data."