Stocks rose in afternoon trading on Wall Street on Monday (US time) in a solid start to the new year after closing out 2021 with big gains for the third year in a row.
In early afternoon trade, the S&P 500 is 0.3 per cent higher, the Dow Jones has added 0.4 per cent and the Nasdaq has risen by 0.9 per cent. The ASX resumes trading today with futures pointing to a sharp drop, but they have not updated since December 31.
Wall Street is higher across the board in the first session of 2022.Credit:Michael Nagle
Technology companies and a mix of retailers gained ground. Tesla jumped 10.3 per cent after reporting strong delivery numbers for 2021. Apple is 2.6 per cent higher.
Bond yields rose significantly. The yield on the 10-year Treasury rose to 1.62 per cent from 1.51 per cent Friday. Banks, which rely on higher yields to charge more lucrative interest on loans, gained ground. Bank of America rose 4.1 per cent.
Smaller company stocks outpaced the broader market in a signal that investors felt confident about economic growth. The Russell 2000 rose 0.6 per cent.
Health care companies fell broadly and kept gains elsewhere in the market in check. Pfizer shed 3 per cent despite news that the US is closer to potentially expanding its COVID-19 booster shots for children as young as 12.
A mix of household goods makers also fell.
Investors are heading into a new year with the virus pandemic still posing a threat to the economy. Wall Street has been busy since December monitoring the latest wave of cases with the omicron variant.
Wall Street makes positive start to 2022; Tesla soars
Source: Philippines Alive
