Stocks rise to begin 2022, Tesla jumps 12% and Apple tops $3 trillion; European stocks buoyant as new year trading gets off to a positive start
Stocks edged higher on Monday as investors began the new year by betting the economy could overcome the latest surge in Covid cases and lifted two of their favorite stocks to significant milestones.
Apple shares gained to become the first company ever with a $3 trillion market valuation and Tesla shares jumped 12% in a single day.
Tesla helped generate some of the momentum Monday, jumping after the electric vehicle company reported 308,600 deliveries in the fourth quarter, beating expectations. Along with Tesla, big automakers also saw their shares climb. Ford Motor and General Motors rose about 1% and 4%, respectively.
While the fast spread of the omicron variant has been reflected in case numbers, data shows it hasn’t led to a major increase in hospitalizations, and investor appetite for vaccine makers has been subdued. They were among the biggest decliners Monday, with Moderna and BioNTech down about 7% and 8%, respectively. Pfizer fell 3%.
European stocks kicked off 2022 with a bang on Monday, with most major regional indexes closing higher on the first trading day of the new year.
Germany’s DAX provisionally ended up 0.8%, while France’s CAC 40 closed 0.9% higher. Italy’s FTSE MIB rose 1.4% after a flat start to the session and Spain’s IBEX was up 0.5%.
German airline Lufthansa was the best performer, its share price up 8.8% after Citigroup upgraded the stock rating to buy from sell.
Source: CNBC, Investing.com