Wall St rises on 1st trading day of 2022; Apple hits $3 trln market cap
U.S. stocks rose on Monday, with Apple Inc (AAPL.O) hitting a $3 trillion market capitalization and Tesla Inc (TSLA.O) posting bumper delivery numbers, giving investors cheer on the first trading day of the new year.
Apple’s shares rose 2.5% to $181.96 after it became the first company to reach that milestone.
Tesla climbed 12.4% after the company’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 (.SPX).
“Those are the two big drivers for the S&P,” said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.
But he also said investor worries about the Omicron variant may have eased slightly even with rising COVID-19 case numbers.
The U.S. Food and Drug Administration authorized a third dose of Pfizer Inc (PFE.N) and BioNTech’s COVID-19 vaccine for children aged 12 to 15.
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 (.DJI) rose 154.94 points, or 0.43%, to 36,493.24; the S&P 500 (.SPX) gained 20.48 points, or 0.43%, at 4,786.66; and the Nasdaq Composite (.IXIC) added 147.64 points, or 0.94%, at 15,792.61.
Bank shares gained, with the banking index (.SPXBK) up 2.9% following a jump in U.S. Treasury yields on expectations of a series of U.S. interest rate hikes this year.
Wells Fargo’s shares rose 5.3%, helped by their upgrade to “overweight” by Barclays.
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%.
Advancing issues outnumbered decliners on the NYSE by a 1.23-to-1 ratio; on Nasdaq, a 1.98-to-1 ratio favored advancers.
The S&P 500 posted 19 new 52-week highs and no new lows; the Nasdaq Composite recorded 79 new highs and 54 new lows.