S&P 500, Dow Industrials Higher
The S&P 500 and Dow Jones Industrial Average rose on Tuesday after closing the first trading day in 2022 with records.
Shares have continued to rise in the new year after the S&P 500 rose 27% in 2021.
The broad US stock index rose 0.2%, while Dow Industrials climbed 0.8%, with both indices building on records set on Monday. The technology-heavy Nasdaq Composite fell 0.7 percent.
Investors are analyzing data on the spread of the Omicron variant of Covid-19 as they try to predict how the pandemic will affect the economy going forward. Cases are breaking records in the United States and hospital admissions are increasing, but remain below pandemic peaks, according to data from Johns Hopkins University.
“The mildness of Omicron and therefore the potential for minor disruptions, minor shutdowns ̵[ads1]1; all of which should contribute directly to revenue expectations,” said James Athey, an investment manager at Abrdn.
Most sectors in the S&P 500 rose in the morning trade, although the health care sector fell 1.3% and the technology group somewhat lower.
Among individual stocks, Apple shares changed little after the company briefly reached $ 3 trillion in market value before closing below this threshold on Monday. Tesla shares fell 1.3% after jumping 14% on Monday.
Some travel shares rose, with Carnival rising 2.5% and Royal Caribbean rising 2.7%.
In the bond markets, the yield on the 10-year US government bond rose to 1.666% from 1.628% on Monday. Interest rates rise when bond prices fall.
The S&P 500 closed at a record high on Monday after rising 27% last year.
Photo:
Courtney Crow / Associated Press
Oil prices rose after OPEC and a group of Russian-led oil producers agreed to continue pumping more crude oil in a bet that the global increase in Covid-19 cases will not reduce demand as previous waves of the virus. Global benchmark index Brent oil rose 1.4% to $ 80.11 per barrel.
Bitcoin stabilized after a two-day fall, rising 3.1% compared to the level at 17:00 ET on Monday. It traded around $ 47,480, down 30% from a record high in November, based on at. 17.00.
Abroad, the pan-continental Stoxx Europe 600 increased 0.9%.
In Asia, major benchmarks were mixed. The Shanghai Composite Index fell 0.2% after recent data showed that Chinese exports were largely stagnant last month due to weak foreign demand, even as manufacturing activity picked up again.
Hong Kong’s Hang Seng Index rose 0.1 percent. Japan’s Nikkei 225 closed up 1.8% as the weaker yen drew investors to the country’s stock market.
—Karen Langley contributed to this article.
Write to Anna Hirtenstein at anna.hirtenstein@wsj.com
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