The stock market started in style.
IANS News Agency
On the first trading day of 2022, the stock market set a record high, with fears about the Omicron coronaviruses variant fading.
The benchmark stock index rose to a new high on Monday. The futures of the two major stock exchanges moved up and down.
The Omicron coronaviruses variant is milder than previous versions of the disease, which is why investors have started the year optimistic.
The stock markets have cheered on signs that the economic recovery in the US and the rest of the world is continuing.
"New Year optimism fed through to a jaunty January start for markets, as investors accentuated the positives," said Richard Hunter, head of markets at Interactive Investor.
There is a growing belief that the variant is less deadly when coming up against triple-jabbed individuals.
The early-2022 optimism helped Apple andTesla. The first company to reach this milestone was Apple, whose stock rose to briefly take the company's market cap above $3 trillion.
The electric car company's stock soared after it beat expectations. Both Apple andTesla were unchanged in pre-market trading.
The European stock market climbed in early trading Tuesday. The London's FTSE 100 was 1.31% higher.
As trading began for the year, the CSI 300 index in China slipped by 0.41% while the Tokyo's Nikkei 225 closed 1.77% higher.
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After posting gains Monday, oil prices were little changed Tuesday.
The global benchmark rose 0.72% to $79.53 a barrel, while the US benchmark rose 0.74% to $76.64 a barrel.
The ISM manufacturing index and the JOLTS job openings data are due to be released on Tuesday.
The US posted a record 1 million new coronaviruses cases Monday, and analysts are warning that there are still a number of risks for the economy in the first quarter.
"There will be fewer active workers in the economy, although inventories and changing working patterns will help mitigate that," said Paul Donovan, chief economist at UBS Global Wealth Management.
Demand is likely to be low. Quarantine limits online shopping, and the absence of government help may hurt some incomes.
US government bond yields rose sharply Monday as investors bet on tighter monetary policy from the Federal Reserve.
The yield on the 10-year US Treasury note was close to its highest level since November.
According to data from the Bitstamp exchange, there was a 1.31% fall in the price of bitcoin.
Business Insider has an original article.
