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S&P 500, Dow hit record highs on 1st trading day of 2022

Stock Markets Jan 03, 2022 07:01PM ET
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© Reuters. FILE PHOTO: The Wall St. sign is seen outside the New York Stock Exchange (NYSE) in New York, U.S., December 17, 2019. REUTERS/Brendan McDermid
 
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By Caroline Valetkevitch

NEW YORK (Reuters) - The S&P 500 and Dow Jones Industrial Average posted closing record highs on the first trading day of the year on Monday, helped by gains in Tesla (NASDAQ:TSLA) Inc and bank shares.

Apple Inc (NASDAQ:AAPL) became the first company to hit a $3 trillion market capitalization but ended the day slightly below that. Its shares ended up 2.5% at $182.01 after rising as high as $182.88 during the session.

Tesla's shares jumped 13.5% after the electric car maker's quarterly deliveries beat analysts' estimates, riding out global chip shortages as it ramped up production in China.

The two stocks gave the biggest boosts to the S&P 500, but market watchers said easing investor worries about the economic impact of the Omicron variant of the coronavirus also helped market sentiment, even with rising COVID-19 case numbers.

"The real news is people feel like this latest round of COVID is not going to be economically debilitating in that a lot of restrictions and lockdowns are going to be required," said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.

Among the latest developments, the U.S. Food and Drug Administration authorized a third dose of Pfizer Inc (NYSE:PFE) and BioNTech's COVID-19 vaccine for children aged 12 to 15.

Thousands of U.S. schools have delayed this week's scheduled return to classrooms following the holiday break or switched to remote learning as the Omicron variant drives record levels of COVID-19.

Massocca said market strength is not surprising as a new year starts, given the January effect, or belief by some investors that stocks will rise that month more than in other months.

"It bodes well to see the market so resilient," he said.

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

The Dow Jones Industrial Average rose 246.76 points, or 0.68%, to 36,585.06; the S&P 500 gained 30.38 points, or 0.64%, at 4,796.56; and the Nasdaq Composite added 187.83 points, or 1.2%, at 15,832.80.

Energy and financial sectors were among top gainers, with bank shares rising along with U.S. Treasury yields as investors braced for what could be an earlier-than-expected interest rate hike by the Federal Reserve this year despite the recent jump in COVID-19 cases.

Energy shares climbed with crude oil prices and upbeat prospects for demand.

Wells Fargo (NYSE:WFC)'s shares advanced 5.7%, also helped by their upgrade to "overweight" by Barclays (LON:BARC).

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%. (Graphic: SPX2021Yearend, https://fingfx.thomsonreuters.com/gfx/buzz/gdpzykyogvw/SPX2021FullYear.png)

Advancing issues outnumbered decliners on the NYSE by a 1.34-to-1 ratio; on Nasdaq, a 2.27-to-1 ratio favored advancers.

The S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 89 new highs and 55 new lows.

Volume on U.S. exchanges was 10.00 billion shares, compared with the 10.36 billion average for the full session over the last 20 trading days.

S&P 500, Dow hit record highs on 1st trading day of 2022
 

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Comments (24)
Vincent Tobias
Vincent Tobias Jan 04, 2022 9:43AM ET
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Please who can recommend me to a professional trader ?
Vincent Tobias
Vincent Tobias Jan 04, 2022 9:37AM ET
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Adam Paine
Adam Paine Jan 04, 2022 1:20AM ET
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so much money stuffed into a handful of stocks. not going to end well IMO. Small and mid caps get sold off to prop the big pigs. we'll see how they turn interest rate hikes into good news soon
Tobiás Pfeiffer
Tobiás Pfeiffer Jan 04, 2022 12:29AM ET
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Hangerő Leone spreken englis
Rob Sanders
Rob Sanders Jan 03, 2022 11:55PM ET
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Kimberly-Clark will outperform as Biden continues to use their Depends incontinence products.
Tiger Brad
Tiger Brad Jan 03, 2022 11:02PM ET
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As long as there is no bad news the market will continue to go up.  And I don't think the mainstream media will be providing any bad news.  But I would still keep my finger on the exit button.
Adam Paine
Adam Paine Jan 03, 2022 11:02PM ET
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there's a ton of bad news...the market maker shrug it off. we are inconsequential to their greedy motives
hibrandclue fashion
hibrandclue fashion Jan 03, 2022 11:01PM ET
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great performance
Jeremy Johnson
Jeremy Johnson Jan 03, 2022 7:38PM ET
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Nope, the S&P500 hit ATH on the 29th at 4808.93, not today.  But I guess if they say that more retail investors will feel the FOMO and jump in at ATH prices?
Jeremy Johnson
Jeremy Johnson Jan 03, 2022 7:38PM ET
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New Jazenevd  correction, ATh was on the 30th of Dec; Daily chart.  But I think I'm missing something here regarding your point about "record closing number".  How is it a record closing number today if the Daily bar hasn't exceed the high of the Daily bar on Dec. 30th?
Jeremy Johnson
Jeremy Johnson Jan 03, 2022 7:38PM ET
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New Jazenevd  I see, thanks, NJ!
jason xx
jason xx Jan 03, 2022 6:00PM ET
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Still have 30% inflation and imminent rate hikes. Any articles on the 10yr going up 10% today lol?
Adam Paine
Adam Paine Jan 03, 2022 6:00PM ET
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exactly 💯
Jan 03, 2022 5:48PM ET
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Tesla will hit $2 trillion this week after giga berlin opens
 
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