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Wall St gains on first trading day of 2022; Apple hits $3 trln market cap -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : This Wall St. sign was seen in front of the New York Stock Exchange (NYSE), New York, U.S.A, on December 17, 2019. REUTERS/Brendan McDermid

By Caroline Valetkevitch

NEW YORK, (Reuters) – U.S. stocks ended higher Monday with Apple Inc (NASDAQ) reaching a $3 trillion market capitalization, and Tesla Inc (NASDAQ) posting record delivery numbers. This gave investors reason to cheer for the first day of trading.

Apple was the first company ever to achieve this milestone. Apple shares also ended up higher.

Tesla shares also rose following quarterly deliveries exceeding analysts’ expectations. The company managed to stay ahead of global chip shortages by increasing its production in China and thereby boosting shareholder value.

Two stocks were the most influential in boosting the stock.

“Those are the two big drivers for the S&P,” said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.

He and other market participants said that easing investor concerns about Omicron coronavirus’s impact on the stock market helped to improve sentiment, even as COVID-19 cases rose.

Stephen Massocca is a senior vice president of Wedbush Securities San Francisco. “The truth is that people think this latest round COVID won’t be economically crippling in that many restrictions and lockdowns will be needed.”

The U.S. Food and Drug Administration approved a third dose Pfizer Inc (NYSE:), and BioNTech’s COVID-19 vaccination for children 12-15 years old.

Both the financial and energy industries were also winners.

Wall Street’s principal indexes closed 2021 with quarterly, annual, and monthly gains. This was their highest three-year gain since 1999.

Unofficially, the rose 246.83 points, or 0.68%, to 36,585.13, the S&P 500 gained 30.41 points, or 0.64%, to 4,796.59 and the added 187.83 points, or 1.2%, to 15,832.80.

Due to expectations of U.S. interest rates rising this year, bank shares rose. [US/]

Wells Fargo (NYSE): Shares rose thanks to an “overweight”, by which they were also upgraded Barclays (LON:).

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 gained 18.7%, while the tech-heavy Nasdaq saw 21.4% growth. (Graphic: SPX2021Yearend, https://fingfx.thomsonreuters.com/gfx/buzz/gdpzykyogvw/SPX2021FullYear.png)

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