January 3, 2022, 11:02am.
The stock market opened the new year on a high note as investors bet the U.S. economic recovery will continue despite a surge in Covid cases over the holiday season.
The S&P 500 closed out 2021, with a 27% gain, but expectations are not very high.
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The S&P 500 gained, while the Dow Jones Industrial Average rose around 100 points.
According to a note from Bank of America, the first week of a new year is usually when the stock market rallies, with the index rising an average of 1.6% over the last 13 years.
The electric car maker's shares rose over 9% in early trading after it said it delivered over 300,000 vehicles in the fourth quarter, well above analyst expectations.
Ford and GM each gained 2% or more, as shares of legacy automakers also rose.
Airlines, which have struggled with thousands of flight cancellation over the holidays due to surging coronaviruses, rose slightly on Monday as investors shrugged off concerns.
Delta and United Airlines both rose around 3%, while other reopening stocks like casino operators Las Vegas Sands and Wynn Resorts also jumped more than 2%.
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The stock market closed out a great year last week. The S&P 500 gained over 27% in 2021, while the other two gained more than 20%.
In a recent note, Bespoke Investment Group said that things look a lot like they looked in 2022, with markets in rally mode and Covid cases continuing to surge.
What to watch for.
There will be uncertainty around coronaviruses and the fast-spreading omicron variant. Thousands of flights were canceled due to a surge in cases over the holiday season. The Federal Reserve is expected to raise interest rates several times this year in a bid to fight rising prices, as investors expect high inflation levels to dominate market discourse in the years to come.
Top-performing fund managers have 10 great stock picks for 2022.
