Wall St. garners robust gain on 1st trading day of '22; S&P 500, Dow hit record highs



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Wall St. garners robust gain on 1st trading day of '22; S&P 500, Dow hit record highs

On Monday, the year’s first trading day, all three key indices of Wall St. had reported robust gains with Wall Street benchmark S&P 500 alongside trade-sensitive Dow spiking to record closing highs, while gains were largely led by a boost in Tesla Inc alongside bank stocks.

On top of that, Apple Inc became the first-ever publicly listed company to hit a $3-trillion market valuation on midday US trading with its shares eking out a 2.5 per cent in gains, while Tesla Inc climbed as much as 13.5 per cent as the e-vehicle industry mogul had shelved a sixth straight quarter of record deliveries.

Although, Tesla and Apple stocks had proffered the biggest drive in S&P 500, stocks exposed to financial sectors soared as well on market participants’ optimism over at least three rate hikes from the US Fed on 2022 and 2023, while an ease in investors’ frets over Omicron variant’s fiscal fallout added to further impetus.

Nonetheless, thousands of US schools had delayed opening following a jump in Omicron cases after 2021 holiday season, though US CDC’s Dr. Anthony Fauci’s latest remark that the Omicron cases would highly likely to peak in the US by end-January, had proffered some cushions to stocks related to apparels and retailing industry.

Wall St bakes strong start to 2022

Citing statistics, in the day’s Wall St. closing bell, trade-sensitive Dow jumped 0.68 per cent to 36,585.06 and Wall Street bellwether S&P 500 added 0.64 per cent to 4,796.56 with both benchmarks hitting record closing highs, while tech-heavy Nasdaq was nudged 1.2 per cent higher to 15,832.80.

Meanwhile, citing investors’ hope that the latest leg of pandemic resurgence would less likely to require a lockdown, a senior vice president at Wedbush Securities in San Francisco, Stephen Massocca said, “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”.