S&P 500 closes above 7,800 for first time; Nasdaq also at record
Version 2: The Oct 6 US session closed with the S&P 500 above 7,800 for the first time and the Nasdaq at a record, and later Korean reports attributed the gains to third-quarter earnings expectations, falling Treasury yields and AI-related chip and power stocks, where earlier reports of a higher close gave no cause.
In short
New York's three main indices closed higher on Oct 6, with the S&P 500 ending above 7,800 for the first time at 7,818.93 and the Nasdaq Composite at a record 27,599.79. Korean outlets attributed the gains to third-quarter earnings expectations and falling US Treasury yields, with AI-related chip and power stocks leading. The Dow rose 0.49% to 51,521.28, and Kyunghyang Shinmun reported the 10-year Treasury yield slipped to 5.281%.
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New York's three main stock indices closed higher on Oct 6 local time, with the S&P 500 and Nasdaq Composite setting record highs, according to Yonhap and Korean business outlets. Chosun Ilbo said the S&P 500 closed above the 7,800 level for the first time. [ 4 , 5 , 6 , 8 , 11 ]
The Dow Jones Industrial Average rose 253.38 points, or 0.49%, to 51,521.28, figures carried by Yonhap, Chosun Ilbo, Kyunghyang Shinmun and Hankook Ilbo showed. The S&P 500 gained 44.98 points, or 0.58%, to 7,818.93, and the Nasdaq Composite added 122.48 points, or 0.45%, to 27,599.79. [ 4 , 5 , 7 , 8 , 10 ]
Outlets attributed the advance to expectations for the third-quarter earnings season, which they said begins in earnest next week, and to a decline in US Treasury yields. Kyunghyang Shinmun and Hankook Ilbo both cited a Goldman Sachs forecast that S&P 500 companies' third-quarter earnings per share would rise 27% from a year earlier, with more than half of that increase coming from companies benefiting from AI infrastructure investment. Asia Economy said AI-related stocks led the session and that the 10-year Treasury yield had fallen back from a 24-year high. [ 3 , 4 , 5 , 7 , 8 , 10 , 11 ]
Chip and power shares drove the gains, the two outlets reported. Marvell Technology rose 5.8% after raising its revenue outlook on data-center chip demand; AMD gained 2.8% after saying it would expand supply next year; Broadcom added 3.7%; and Constellation Energy jumped 12.3% following a large power-supply contract with Google. [ 7 , 10 ]
Kyunghyang Shinmun reported the 10-year Treasury yield fell 0.03 percentage point to 5.281%, and that CME FedWatch put the probability of an October rate increase at 19.4%, down from 50.9% a week earlier. It said December Brent crude rose 0.26% to $100.58 a barrel and November West Texas Intermediate gained 0.01% to $89.44, as rising Middle East exports and a G7 agreement to release strategic reserves eased supply concerns. [ 7 ]
Hankook Ilbo said most other stocks declined, and cited the Wall Street Journal as saying the gap between tech stocks and the rest of the market is widening and the Financial Times as saying the market is increasingly dependent on a small number of tech shares. It noted the Federal Reserve raised rates last month for the first time in about three years, and that the US-Iran war that began in February has pushed oil above $100 a barrel. [ 10 ]
Earlier reports described a higher New York close without giving a cause: Kukmin Ilbo's headline reported SpaceX up 7.62%, and Asia Economy's headline said stocks closed higher even as the 10-year Treasury yield hit a high. Chosun Ilbo, publishing before the Oct 6 close, reported the indices opened higher with the Dow up 312.35 points, or 0.61%, at 51,580.25 as of 9:52 a.m. New York time. Newsis's headline said KOSPI was expected to rebound on semiconductor momentum ahead of the earnings season. [ 1 , 2 , 3 , 9 ]
Why it matters
Record closes on Wall Street and the level of long-term US Treasury yields feed into global asset prices, and Korean outlets treated them as same-day news for domestic investors: Newsis's headline tied the US strength to a projected KOSPI rebound on semiconductor momentum. The reports also describe a market leaning heavily on a small group of AI-related stocks, which the Wall Street Journal and Financial Times, as cited by Hankook Ilbo, framed as a growing dependence.
Key facts
- The Dow Jones Industrial Average closed up 253.38 points, or 0.49%, at 51,521.28. [ 4 , 5 , 7 , 8 , 10 ]
- The S&P 500 rose 44.98 points, or 0.58%, to 7,818.93, a record close and its first close above 7,800. [ 4 , 5 , 7 , 10 , 11 ]
- The Nasdaq Composite gained 122.48 points, or 0.45%, to 27,599.79, also a record. [ 4 , 5 , 7 , 10 ]
- Outlets linked the advance to expectations for the third-quarter earnings season and to falling US Treasury yields. [ 3 , 4 , 5 , 7 , 8 , 10 , 11 ]
- Kyunghyang Shinmun and Hankook Ilbo cited a Goldman Sachs forecast that S&P 500 companies' third-quarter earnings per share would rise 27% year-on-year, with more than half of the increase from AI infrastructure beneficiaries. [ 7 , 10 ]
- Marvell Technology rose 5.8%, AMD 2.8%, Broadcom 3.7% and Constellation Energy 12.3%, according to Kyunghyang Shinmun and Hankook Ilbo. [ 7 , 10 ]
- Kyunghyang Shinmun reported the 10-year Treasury yield fell 0.03 percentage point to 5.281% and that CME FedWatch put the odds of an October rate increase at 19.4%, down from 50.9% a week earlier. [ 7 ]
- Hankook Ilbo said most other stocks fell and cited the Wall Street Journal and Financial Times as warning of the market's growing reliance on a small number of tech shares. [ 10 ]
Confirmed by several sources
- New York's three main indices closed higher on Oct 6 local time, with the S&P 500 and Nasdaq Composite setting record highs. [ 4 , 5 , 6 , 7 , 8 , 10 , 11 ]
- The Dow closed up 253.38 points (0.49%) at 51,521.28. [ 4 , 5 , 7 , 8 , 10 ]
- The S&P 500 closed up 44.98 points (0.58%) at 7,818.93. [ 4 , 5 , 7 , 10 ]
- The Nasdaq Composite closed up 122.48 points (0.45%) at 27,599.79. [ 4 , 5 , 7 , 10 ]
- The gains came as third-quarter earnings expectations grew and US Treasury yields fell. [ 4 , 5 , 7 , 8 , 10 ]
Still unclear
- Which US trading session the earlier reports refer to, and what drove the gains they describe. Kukmin Ilbo and Asia Economy report a higher New York close but give no cause, and their Korean publication times do not match the Oct 6 closing reports.
- The detail behind SpaceX's 7.62% gain. Single-source claim from a Kukmin Ilbo headline with no article text, scale or context.
- The Dow's level during the Oct 6 session versus at the close. Chosun Ilbo reported 51,580.25 at 9:52 a.m. New York time, while the closing figure carried by Yonhap, Chosun Ilbo, Kyunghyang Shinmun and Hankook Ilbo was 51,521.28.
- Asia Economy's fuller account of the earlier close. The article text attached to that document consists of unrelated feed items, leaving only the headline usable.
What local media are saying
Timeline, local time
- Kukmin Ilbo reports a higher New York close and SpaceX up 7.62% in its headline. [ 1 ]
- Asia Economy reports New York stocks closed higher even as the 10-year Treasury yield renewed a high. [ 2 ]
- Chosun Ilbo reports the indices opened higher on Oct 6 US time, with the S&P 500 and Nasdaq at record highs and the Dow up 312.35 points to 51,580.25 as of 9:52 a.m. New York time. [ 3 ]
- Yonhap reports the Oct 6 close: Dow 51,521.28, S&P 500 7,818.93 and Nasdaq 27,599.79, with records for the S&P 500 and Nasdaq. [ 4 ]
- Asia Economy reports the same close, noting AI-related stocks led and the 10-year yield fell from a 24-year high. [ 5 ]
- Kyunghyang Shinmun adds stock-level detail, the Goldman Sachs earnings forecast, the 10-year yield at 5.281%, lower October rate-hike odds and oil prices. [ 7 ]
- Hankook Ilbo reports the records and cites the Wall Street Journal and Financial Times on the market's reliance on tech stocks. [ 10 ]
- Chosun Ilbo reports the S&P 500 passed 7,800 for the first time. [ 11 ]