US stocks close higher on Oct 21 as SpaceX, Tesla news lift tech; Nasdaq up 1.05%
In short
U.S. stocks closed higher on the 21st (local time), with the Nasdaq up 1.05%, the Dow up 0.69% and the S&P 500 up 0.58%. Newsis said SpaceX's results and Tesla-related news lifted technology shares. The day before, the market had closed mixed, with the Dow up 1.02% and the Nasdaq down 0.02%.
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U.S. stocks closed higher on the 21st (local time), with all three major indexes up. The Dow Jones Industrial Average rose 0.69%, the S&P 500 rose 0.58% and the Nasdaq rose 1.05%, according to Asia Economy and Newsis. Newsis gave the closing levels as 52,856.09 for the Dow, up 360.21 points, 7,757.17 for the S&P 500, up 44.60 points, and 26,702.86 for the Nasdaq, up 278.04 points. [ 12 , 13 ]
Newsis said SpaceX's results and Tesla-related news lifted technology sentiment. SpaceX shares jumped 7% after the company said third-quarter revenue rose 161%, and Musk announced a special committee to discuss merging SpaceX with Tesla. Tesla shares, which were due to report results soon, rose more than 3%. Asia Economy said the merger talks had become official. Newsis said growth in SpaceX's AI business revived enthusiasm for related stocks: AMD rose nearly 4%, Nvidia more than 2%, and Micron Technology and Marvell Technology each more than 2%. [ 12 , 13 ]
Newsis said oil closed mixed as Middle East military tension was weighed against hopes for a resumption of Russia-Ukraine peace talks. December Brent rose 0.03% to $108.82 a barrel on the ICE futures exchange in London, while December WTI fell 0.68% to $97.15. [ 13 ]
The previous session, on the 20th, opened mixed. Chosun Ilbo said concern over AI infrastructure investment and higher oil prices weighed on the market, and that the Dow opened 6.82 points lower at 51,959.21 before turning higher. Yonhap said that at 9:47 a.m. the Dow was up 0.57% at 52,263.01, the S&P 500 down 0.17% and the Nasdaq down 0.79% at 26,221.67. Both outlets cited Houthi attacks on Saudi Arabian facilities. Chosun Ilbo said Brent topped $111 a barrel, and Yonhap said Iran's Revolutionary Guards reported that two tankers that had violated rules hit mines in the Strait of Hormuz and stopped. [ 2 , 4 ]
The 20th closed mixed. Newsis, citing the Wall Street Journal, said the Dow rose 529.85 points, or 1.02%, to 52,495.88 and the S&P 500 rose 0.28% to 7,712.57, on expectations of diplomatic progress between the U.S. and Iran, while the Nasdaq fell 0.02% to 26,424.82. Chosun Ilbo instead cited strong corporate earnings and lower oil prices for the gains, and said doubts over AI profitability and heavy debt weighed on the Nasdaq. Chosun Ilbo also reported that Korea's Kospi fell 3.73% on the 20th. [ 2 , 7 , 9 ]
Why it matters
Korean outlets tie the moves in New York to investor sentiment on AI-related stocks and to oil prices. Chosun Ilbo said the drop in the U.S. AI shares on the 20th was accompanied by a 3.73% fall in Korea's Kospi index that day.
Key facts
- On the 21st the Dow Jones Industrial Average rose 360.21 points (0.69%) to 52,856.09, the S&P 500 rose 44.60 points (0.58%) to 7,757.17, and the Nasdaq rose 278.04 points (1.05%) to 26,702.86. [ 12 , 13 ]
- SpaceX shares jumped 7% after the company said third-quarter revenue rose 161%, Newsis reported. [ 13 ]
- Elon Musk announced a special committee to discuss a merger of SpaceX and Tesla; Tesla shares rose more than 3%. [ 13 ]
- On the 21st, December Brent crude rose 0.03% to $108.82 a barrel and December WTI fell 0.68% to $97.15, according to Newsis. [ 13 ]
- On the 20th the Dow rose 529.85 points (1.02%) to 52,495.88, the S&P 500 rose 0.28% to 7,712.57 and the Nasdaq fell 6.07 points (0.02%) to 26,424.82. [ 9 ]
- New York stocks opened mixed on the 20th amid concern over AI infrastructure spending and higher oil prices. [ 2 , 4 ]
Confirmed by several sources
- All three major U.S. indexes closed higher on the 21st, with the Nasdaq up 1.05%, the Dow up 0.69% and the S&P 500 up 0.58%. [ 12 , 13 ]
- Talks on a SpaceX-Tesla merger were reported on the 21st. [ 12 , 13 ]
- New York stocks opened mixed on the 20th, with AI-related worries weighing on technology shares. [ 2 , 4 ]
- The Dow closed higher while the Nasdaq closed lower on the 20th, a mixed close. [ 5 , 7 , 8 , 9 ]
- Yemen's Houthi rebels attacked Saudi Arabian facilities, raising oil-supply and geopolitical concern ahead of the 20th session. [ 2 , 4 ]
Still unclear
- Why the Dow and S&P 500 rose on the 20th. Newsis, citing the Wall Street Journal, attributed the gains to expectations of diplomatic progress between the U.S. and Iran, while Chosun Ilbo cited strong corporate earnings and lower oil prices.
- The status and terms of the SpaceX-Tesla merger. Newsis said Musk announced a special committee to discuss a merger, and Asia Economy said the merger talks became official; the documents give no terms or timing.
What local media are saying
Timeline, local time
- On the 20th, Newsis flashed that New York stocks had opened mixed, with the Nasdaq down 0.61%. [ 1 ]
- On the 20th, Yonhap reported the three major indexes opened mixed amid AI worries and an oil rebound. [ 4 ]
- On the 21st, Newsis flashed that New York stocks closed mixed, with the Dow up 1.02%. [ 5 ]
- On the 22nd, Newsis flashed that the Nasdaq closed up in the 1% range, with SpaceX and other tech stocks strong. [ 11 ]
- On the 22nd, Newsis published the full close for the 21st session, with the Nasdaq up 1.05%. [ 13 ]