Financial Stand
Latest financial, market, economic news, stock markets, economy, and analysis from Financial Stand as it happens around the world.

Wall Street climbs in upbeat start to 2022

The stock gave the biggest boost to the S&P 500 and the Nasdaq, followed by Apple and Nvidia.

Wall Street climbs in upbeat start to 2022

The U.S. stock indexes on Monday looked to extend a market recovery from the pandemic shock into the new year, led by a surge in heavyweight Tesla after the electric carmaker posted bumper delivery numbers.

Tesla rose 10.4% after the company’s quarterly deliveries exceeded Wall Street estimates, riding out global chip shortages as it ramped up production in China.

The stock gave the biggest boost to the S&P 500 and the Nasdaq, followed by Apple and Nvidia. Apple’s shares, last up $181.61, closed in on the $182.86 mark needed to become the first company to post a market capitalization of $3 trillion.

The banking index added 3.1%, as bank stocks tracked a jump in U.S. Treasury yields on expectations of a series of U.S. interest rate hikes this year.

Wells Fargo’s shares were further boosted by a report of its upgrade to “overweight” by Barclays.

Another economically sensitive sector, energy firmed 2.5%, the most among major S&P sector indexes as crude prices rose on tight supply and hopes of a further demand recovery in 2022.

“Looks like the reopening trade is in full force this morning and it basically says the market is looking through Omicron… it’s something we can live with, like the seasonal flu,” said Thomas Hayes, managing member at Great Hill Capital Llc in New York.

The U.S. Food and Drug Administration authorized a third dose of Pfizer and BioNTech’s COVID-19 vaccine for children aged between 12 and 15 years. Pfizer’s shares, however, fell 3%, pulling the healthcare index down 1.7%. BioNTech slumped 7%.

At 11:45 a.m. ET, the Dow Jones Industrial Average was up 13.38 points, or 0.04%, at 36,351.68, the S&P 500 was up 5.01 points, or 0.11%, at 4,771.19, and the Nasdaq Composite was up 95.75 points, or 0.61%, at 15,740.72.

All of Wall Street’s main indexes ended 2021 with monthly, quarterly and annual gains, recording their biggest three-year advance since 1999.

The benchmark S&P 500 added 27% in 2021 and reported 70 record-high closes, its the second-most ever, in a tumultuous year hit by new COVID-19 variants and supply chain shortages.

The Dow added 18.7% for the year and the tech-heavy Nasdaq gained 21.4%.

“Lots of liquidity and low-interest rates are the supporting factors which will change in couple of months when the Fed hikes rates somewhere in June,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab.

“But there remains huge capital on the sidelines which needs placement and as long as that is true markets will remain higher.”

Shares of AT&T and Verizon Communications gained 3% and 0.7% respectively after their chief executives rejected a request to delay the planned Jan. 5 introduction of new 5G wireless service over aviation safety concerns.

Advancing issues outnumbered decliners by a 1.14-to-1 ratio on the NYSE and by a 1.85-to-1 ratio on the Nasdaq.

The S&P index recorded 17 new 52-week highs and no new lows, while the Nasdaq recorded 74 new highs and 50 new lows.

SPX2021Yearend
SPX2021Yearend

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

en_USEnglish