- US stocks closed higher as the S&P 500 and Dow Jones reached new highs on first day of 2022.
- Apple and Tesla stocks surged, with the iPhone maker’s market capitalization hitting $3 trillion.
- Around the markets, gold and bitcoin prices slipped as oil edged higher.
US stocks rose on the first day of trading Monday to see 2022 begin on a positive note, with the S&P 500 and Dow Jones Industrial Average as investors reaching record closes.
The three major US indexes were all in the green at close. The S&P 500 moved higher by 0.64% to close at a fresh record of 4,796.56, while the Dow Jones Industrial Average also saw a new high after it gained 246 points, or 0.68%, to close at 36,585.06. The Nasdaq Composite closed at 15,832.80 after notching up 1.20% in gains on the first day of trading in 2022.
The S&P 500 ended 2021 with over 27% in gains as it clocked a record close 70 times, buoyed by an earlier rally for tech stocks. The Nasdaq and the Dow also closed the year with double-digit gains, adding nearly 22% and 19% respectively.
US stocks rose after European markets also edged higher on Monday, with the euro zone’s benchmark Stoxx 600 index rising to 491.73 points in intraday trades. The index closed 0.45% higher and is looking to extend the gains as traders across the UK’s FTSE 100 return after an extended break capped by Monday’s bank holiday.
Apple market hits $3 trillion
Apple shares rose nearly 3% in intraday trades on Monday as the company’s stock price hit highs of $182.88, pushing the firm’s market valuation above $3 trillion.
This means Apple is the first US company to reach the $3 trillion valuation mark and comes after unprecedented growth over the last four years.
In August 2018, Apple became the first American company ever to be worth $1 trillion, an achievement that took 42 years. It surged past $2 trillion two years later. Its next trillion took just 16 months and 15 days. https://t.co/Qy8iGAxnJp pic.twitter.com/RCDaeNCJNu
— The New York Times (@nytimes) January 3, 2022
Although the company’s market capitalisation dipped to $2.91 trillion as AAPL price closed at $182.01, it’s possible the upward trajectory will continue and see Apple cement its value above the landmark valuation.
Catalysts for further growth are expected to be around Apple's services business, with the debut of an AR headset likely to add tailwinds in the summer.
Apple wasn’t the only one to have a bang opening to 2022 though.
Monday also saw shares of Tesla jump double digits as buying pressure picked up after the company reported record vehicle deliveries in the fourth quarter. The Tesla stock closed at $1,199.78, trading up by 13.53% on the day.
In the other markets…
Oil prices rose Monday, with West Texas Intermediate (WTI) crude oil reaching $76.01 per barrel after surging more than 1% and Brent crude rose by 1.4% to hit highs of $78.90 per barrel.
Gold slipped from prices above $1,821, holding just above $1,803 per ounce. Meanwhile, Bitcoin price also fell 2% to trade around $46,260.
The US 10-year Treasury yield climbed 13 basis points to 1.63%, while the Dollar index firmed against the Sterling and Euro.