Markets Open 2022 With Records, Apple Briefly Hits $3 Trillion In Value

Posted by: Kyeyune Andrew Jonathan in Business January 4, 2022

Global stocks began the year in bullish fashion with major bourses notching records. The notable change happened as Apple briefly hit $3 trillion in value as investors monitored the Covid-19 pandemic and looming central bank rate decisions.

The CAC 40 index in Paris kicked off the rally with new intraday and closing records while Frankfurt’s DAX rose 0.9 percent in thin holiday trading.

London and Tokyo were among global markets that were shuttered for holidays. On Wall Street, both Dow and S&P 500 ended at records as indices pushed higher.

Apple briefly climbed to $3 trillion in value, making it the first American company to hit that benchmark.

However, the tech giant’s valuation later retreated, even though its share price reached 2.5 percent higher at the close.

‘’Welcome to 2022, which is looking like 2021 so far for the equity market,’’ market analyst Patrick O’Hare at Briefing.com said.

He added saying the market looks as if it will keep riding the rails with the help of new inflows that are typically seen on the first trading day of the new month.

Monday’s landmarks come on heels of a series of all-time highs in December. This is as markets continue to bet the latest surge in Covid-19 cases won’t stop economic growth.

Comments from health experts are showing that the new variant is less lethal than the earlier strains hence boosting markets.

A bigger question mark is the shift in monetary policy. with investors. Especially now that the Federal Reserve will raise interest rates this year.

The yield on the 10-year U.S. Treasury note vaulted above 1.6 percent Monday, the latest indication of this expectation.

A note from Briefing.com said the rise in yields may also reflect ‘an improving perspective on the economy.’

Elsewhere, oil prices finished a volatile session higher as eyes turn to the meeting of OPEC and other major producers on Tuesday.

So far OPEC has resisted pressure from top oil-consuming nations, such as the United States, to more aggressively boost production.

The 23 members of OPEC+ are expected to continue to stay the course and modestly boost output at their monthly meeting. They will hold it via video-conference.

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