Good luck finding fault with how Wall Street kicked off the new year.
The major indexes all closed out Monday with gains (including fresh closing highs for the Dow and S&P 500) and Wall Street crowned its first $3 trillion-dollar company (albeit briefly).
About the latter: Apple (AAPL) – which became the first company to reach $1 trillion in market capitalization in 2018, then two years later staked the first flag into the $2 trillion mark – momentarily peeked its head above $3 trillion in Monday’s session on the back of another bullish note from Wedbush analyst Daniel Ives.
“The Street is starting to better appreciate the robust fundamental story for Cook & Co. over the next year,” says Ives, who believes high demand will bolster the company’s March and June quarters. “Hitting $3 trillion will be another watershed moment for Apple as the company continues to prove the doubters wrong with the renaissance of growth story playing out in Cupertino.”
Ives adds that iPhone 13 checks continue to be “much stronger than expected,” and that the company believes AAPL sold more than 40 million iPhones during the holiday season, which would mark a record for Apple despite facing chip shortages.
AAPL closed just below the $3 trillion mark, but its 2.5% gain nonetheless helped to lift the major indexes into the green.
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The Dow Jones Industrial Average improved by 0.7% to set a new record close of 36,585, while the S&P 500 climbed 0.6% to hit a record-high 4,796. The Nasdaq Composite was the biggest advancer, however, up 1.2% to 15,832. The small-cap Russell 2000 mimicked its larger brethren, climbing 1.2% to 2,272 to kick off the new year.
Other news in the stock market today:
- U.S. crude oil futures enjoyed a nice 1.2% improvement to settle at $76.08 per barrel. That helped energy finish among the market’s top sectors, with gains coming from the likes of Schlumberger (SLB, +5.9%) and Exxon Mobil (XOM, +3.8%).
- Gold futures did not participate in the market’s larger gains, sliding 1.6% to a two-week low of $1,800.10 per ounce.
- Bitcoin marginally improved since New Year’s Eve, to $45,910.34. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.)
- Tesla (TSLA) was one of the major drivers of the Nasdaq, up 13.5% to start the new year. The company announced over the weekend that it delivered 308,600 vehicles during the fourth quarter of 2021, beating expectations for 267,000. More over, its full-year tally of 936,172 deliveries (up 87% year-over-year) topped estimates for 897,000.