The S&P 500 and Dow Jones Industrial Average posted closing record highs on the first trading day of the year on Monday, helped by gains in Tesla Inc and bank shares.
Energy and financial sectors were among top gainers, with bank shares rising along with U.S. Treasury yields as investors braced for what could be an earlier-than-expected interest rate hike by the Federal Reserve this year despite the recent jump in COVID-19 cases.Wells Fargo's shares advanced 5.7%, also helped by their upgrade to "overweight" by Barclays.
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.Advancing issues outnumbered decliners on the NYSE by a 1.34-to-1 ratio; on Nasdaq, a 2.27-to-1 ratio favored advancers. The S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 89 new highs and 55 new lows.
Volume on U.S. exchanges was 10.00 billion shares, compared with the 10.36 billion average for the full session over the last 20 trading days.Additional reporting by Bansari Mayur Kamdar, Shashank Nayar and Medha Singh in Bengaluru; Editing by Maju Samuel and Richard ChangSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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