U.S. stocks jumped on Monday as investors began 2022 by betting the economy could overcome the latest surge in Covid cases and lifted two of their favorite stocks to significant milestones.
Shares of Apple rose to become the first company ever with a $3 trillion market valuation. Meanwhile, shares of Tesla gained 13.5%.
Apple’s shares jumped 2.5% to hit a new record and reach a $3 trillion market cap. The tech giant broke the barrier when its share price hit $182.86. As a result, it became the first U.S. company to do so and tripled its valuation in several years.
On Monday, Tesla helped generate some of the momentum, jumping after the company reported 308,600 deliveries in the fourth quarter, surpassing expectations. Along with Tesla, Ford Motor and General Motors also saw their shares climb. Ford Motor gained about 4.8%, and General Motors added 4.3%.
The Dow Jones Industrial Average advanced 246.76 points or 0.6% to hit a record close of 36,585.06. On Monday, the S&P 500 also notched a record close, as it added 0.6% to reach 4,796.56. The Nasdaq Composite gained 1.2% to reach 15,832.80.
Bond yields rose on Monday, with the 10-year Treasury yield topping 1.6%. That helped to boost bank stocks, with Bank of America jumping 3.8%. Wells Fargo added 5.7%.
Travel-related stocks on Monday
Airlines rose as investors disregarded concerns about holiday flight cancellations that have extended into Monday. American gained 4.4%, and United added nearly 3.9%. Norwegian Cruise Line and Carnival Corp gained 6.9% and 6.4%, respectively. They were among the top gainers in the S&P 500. Casino stocks also saw gains on the day, with Las Vegas Sands and Wynn Resorts were each up more than 3%.
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