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Wall Street climbs in upbeat start to 2022

Reuters logo Reuters 2022-01-03 By Bansari Mayur Kamdar and Shashank Nayar
FILE PHOTO: The Wall St. sign is seen outside the NYSE in New York © Reuters/BRENDAN MCDERMID FILE PHOTO: The Wall St. sign is seen outside the NYSE in New York

By Bansari Mayur Kamdar and Shashank Nayar

(Reuters) - U.S. stock indexes inched higher on Monday, looking to extend a market recovery from the pandemic shock into the new year, while shares in heavyweight Tesla jumped after the electric carmaker posted bumper delivery numbers.

Tesla climbed 9.0% after the company's quarterly deliveries exceeded Wall Street estimates, riding out global chip shortages as it ramped up production in China.

The stock gave the biggest boost to the S&P 500 and the Nasdaq, followed by Apple and Nvidia.

The banking index added 2.7%, with Goldman Sachs, JPMorgan, Morgan Stanley and Wells Fargo gaining 1.8% to 4.6%, tracking a jump in U.S. Treasury yields as investors expected a series of U.S. interest rate hikes this year. [US/]

Shares of oil majors Chevron Corp and Exxon Mobil Corp gained more than 1% each as crude prices rose on tight supply and hopes of a further demand recovery in 2022. [O/R]

The S&P 500 energy index was the top sectoral performer in 2021 with a 47.7% rise - its biggest yearly gain ever - as surging oil prices turbo-charged corporate profits.

"There is certain optimism that we are seeing at the start of the year with a general sense that the Omicron variant won't do quite the damage to the economy as the market initially thought it would," said Rick Meckler, partner at Cherry Lane Investments.


Video: S&P 500 hits record close as Omicron fears ebb (Reuters)

"But, we cannot replicate 2021 gains as we expect some curbs in corporate earnings growth."

At 10:20 a.m. ET, the Dow Jones Industrial Average was up 90.66 points, or 0.25%, at 36,428.96, the S&P 500 was up 13.18 points, or 0.28%, at 4,779.36, and the Nasdaq Composite was up 82.09 points, or 0.52%, at 15,727.06.

All of Wall Street's main indexes ended 2021 with monthly, quarterly and annual gains, recording their biggest three-year advance since 1999.

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 added 18.7% for the year and the tech-heavy Nasdaq gained 21.4%.

Weighing on the markets, Pfizer and BioNTech fell 3.2% and 5.6% even as the U.S. Food and Drug Administration authorized a third dose of their COVID-19 vaccine for children aged between 12 and 15 years.

Overall, the healthcare index was down 1.4%.

Advancing issues outnumbered decliners by a 1.61-to-1 ratio on the NYSE and a 2.27-to-1 ratio on the Nasdaq.

The S&P index recorded 16 new 52-week highs and no new lows, while the Nasdaq recorded 70 new highs and 43 new lows.

(Reporting by Bansari Mayur Kamdar and Shashank Nayar in Bengaluru; Editing by Maju Samuel)

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