Wall Street pours New Year’s champagne

BOSTON: The Wall Street party to start the new year continued until Tuesday, pushing US stocks to new highs, echoing share gains in Europe and Asia, with oil and the dollar rising also.

The S&P 500 gained 19.64 points, or 0.41%, to 4,816.2 – a new record – while the Dow Jones Industrial Average rose 209.72 points, or 0.57%, to 36,794 , 78.

The tech-rich Nasdaq Composite was more low-profile, adding 3.14 points, or 0.02%, to 15,835.94, a day after Apple Inc became the first company to reach a market value of 3,000. billions of dollars.

The bullish indicators came from the World Health Organization, which said it had seen more evidence that the Omicron coronavirus variant was causing milder symptoms, and reports showing strong European and Asian manufacturing activity.

The Euro STOXX 600 gained more than 1% to a record 495.37 points, surpassing its previous all-time high a day earlier. Asian stocks were in the spotlight after record highs on Wall Street on its first trading day of 2022, as the MSCI gauge of Asia-Pacific stocks outside Japan rose about 0.4 %.

The US dollar extended its gains against the Japanese yen on Tuesday, hitting new highs in five years as investors bet the Omicron variant of the coronavirus would have limited economic impact and the Federal Reserve would raise rates.

The dollar index rose 0.124 percent, with the euro down 0.08 percent to US $ 1.1285.

Benchmark 10-year US Treasury yields hit their six-week high on Tuesday as government bond selling resumed in the London trading session as investors bet on a series of interest rate hikes this year to combat rising inflation.

Benchmark 10-year notes last fell 12/32 for a return of 1.67% in morning trading.

Oil prices rose again on Tuesday as OPEC + agreed to stick to its planned increase in oil production for February, group sources told Reuters as it expects the Omicron variant of the coronavirus has a short-lived impact on demand.

US crude recently rose 1% to US $ 76.84 a barrel and Brent was at US $ 79.86, up 1.11% on the day.

Gold consolidated above the key level of US $ 1,800 an ounce on Tuesday, after falling sharply in the last session as some investors sought to hedge against uncertainty caused by the pandemic , inflation and its likely impact on the US Federal Reserve’s rate hike path.

Spot gold added 0.5% to US $ 1,809.44 an ounce. US gold futures gained 0.39% to US $ 1,806.40 an ounce.

(Edited by David Evans)

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