Shares rise on first trading day of 2022 despite Omicron fears
Stocks started the new year on a positive note Monday as Wall Street looked past concerns about the omicron spread to focus on reopening stocks.
The Dow Jones Industrial Average was up 59 points, or 0.16% to 36,397, while the S&P 500 gained 0.24% and the Nasdaq was up 0.77%.
Boeing (BA) – Get the Boeing Company Report, one of the worst performers of the Dow Jones in 2021, was the top winner, with Goldman Sachs (SG) – Get the report from Goldman Sachs Group, Inc. and American Express (AXP) – Get the American Express Company Report.
Goldman Sachs has reportedly backed down on plans to return to the office, according to Barron’s, which cited an email from the investment firm that was sent to eligible employees on Sunday asking them to work from home until Jan. 18.
The positive market momentum follows a strong close through 2021.
The S&P 500 rose nearly 27% for the year, while industrials Nasdaq Composite and Dow also posted strong returns.
Stocks edged lower on Friday, but the S&P 500 and Dow Jones were positive for the last week of the year.
So-called reopening stocks were increasing, including Alaska Air Group (ALK) – Get the report from Alaska Air Group, Inc., Delta Airlines (DAL) – Get the report from Delta Air Lines, Inc. and Norwegian Cruise Lines (CCL) – Get the report from Carnival Corporation.
U.S. Food and Drug Administration Expanded Eligibility to Pfizer (PFE) – Get the Pfizer Inc. and BioNTech (BNTX) – Get the BioNTech SE report booster injections for children aged 12 to 15 years.
The agency also reduced the duration of all booster injections to 5 months from 6 months after the primary doses and authorized a third injection in children aged 5 to 11 who are immunocompromised.
Meanwhile, thousands of U.S. flights were canceled over New Years’ weekend as a combination of Covid-19 disruptions and winter conditions dealt more blows to the already faltering airline industry – not to mention consumers tired of travel.
Data from the flight tracking website FlightAware showed more than 4,464 flights were canceled worldwide on Sunday – the second largest day of cancellations since Christmas Eve. At least 2,709 of cancellations occurred in the United States, to or from the United States
As of Monday morning, more than 3,596 flights had been canceled worldwide, including 2,124 American flights.
You’re here (TSLA) – Get the Tesla Inc report grew after reversing the downward trend in industry-wide sales due to shortages in computer chips and other parts, posting record fourth quarter sales, up 71% from the previous year. last year.
Ford (F) – Get the report from Ford Motor Company and General Motors (DG) – Get the General Motors Company Report were also on the rise.
Three electric car companies based in China – Xpeng (XPEV) – Get the Xpeng Inc report, Nio (NIO) – Get the report from NIO Inc. (China) and Li Auto (LI) – Get the Li Auto report – announced stronger deliveries for December, the fourth quarter and the full year.
Wells fargo (WFC) – Get the Wells Fargo & Company report climbed after Barclays analyst Jason Goldberg increased the financial services firm’s overweighting by equal weight and increased its price target to $ 62 from $ 50.