Stocks rose on Monday as investors began the new year by betting the economy could overcome the latest surge in Covid cases and lifted two of their favorite stocks to significant milestones.
Apple shares gained to become the first company ever with a $3 trillion market valuation, and Tesla shares jumped 13.5% in a single day.
The Dow Jones Industrial Average rose 246.76 points, or 0.6%, to hit a record close of 36,585.06. The S&P 500 also notched a record close, as it gained 0.6% to reach 4,796.56. The Nasdaq led the gains, advancing 1.2% to hit 15,832.80.
Bond yields jumped to start the year with the 10-year Treasury yield topping 1.6%. That gave a lift to bank stocks, with Bank of America jumping 3.8%. Wells Fargo gained 5.7% after an upgrade from Barclays.
“It’s a glass-half-full start to the year and that’s been our perspective throughout 2021 and heading into 2022,” said Tom Hainlin, global investment strategist at U.S. Bank Wealth Management. “We’re still in that modestly…
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2022-01-02 08:00:00
