Tesla charges ahead on better-than-expected deliveries; banks gain as Treasury yields rally on rate hike hopes
US stocks rose on Monday, with Apple Inc hitting a $3 trillion market capitalization and Tesla Inc posting bumper delivery numbers, giving investors cheer on the first trading day of the new year.
Apple's shares rose 2.5% to $181.96 after it became the first company to reach that milestone.
Tesla climbed 12.4% after the company's quarterly deliveries beat analysts' estimates, riding out global chip shortages as it ramped up production in China.
The two stocks gave the biggest boost to the S&P 500.
"Those are the two big drivers for the S&P," said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.
But he also said investor worries about the Omicron variant may have eased slightly even with rising COVID-19 case numbers.
The U.S. Food and Drug Administration authorized a third dose of Pfizer Inc and BioNTech's COVID-19 vaccine for children aged 12 to 15.
All of Wall Street's main indexes ended 2021 with monthly, quarterly, and annual gains, recording their biggest three-year advance since 1999.
The Dow Jones Industrial Average rose 154.94 points, or 0.43%, to 36,493.24; the S&P 500 gained 20.48 points, or 0.43%, at 4,786.66; and the Nasdaq Composite added 147.64 points, or 0.94%, at 15,792.61.
Bank shares gained, with the banking index up 2.9% following a jump in U.S. Treasury yields on expectations of a series of U.S. interest rate hikes this year.
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