Dow Soars to New All-Time Highs as Financials Outperform
Dow industrials outperformed the S&P 500 and Nasdaq Composite on Tuesday.
The Dow outperformed the broader U.S. stock market on Tuesday, as financials and materials stocks continued to rally at the start of 2022.
Wall Street’s major indices were mixed at the close, with the Dow Jones Industrial Average (DIA) rising 214.46 points, or 0.6%, to 36,799.52, a new all-time high.
The broad S&P 500 Index (SPY) of large-cap stocks slipped 0.1% to settle at 4,793.54. Most sectors finished in negative territory.
Meanwhile, the technology-focused Nasdaq Composite Index (QQQ) declined 1.3% to close at 15,622.72.
A measure of implied volatility known as the CBOE VIX (VXX) was little changed on Tuesday. The so-called “investor fear index” reached an intraday low of 16.34 on a scale of 1-100, where 20 represents the historical average. It would eventually settle down 0.1% at 16.58.
In commodities, oil prices rose on Tuesday, as U.S. West Texas Intermediate futures gained $1.02, or 1.3%, to $77.10 a barrel on the New York Mercantile Exchange. Brent, the international futures contract, climbed $1.11, or 1.4%, to $80.09 a barrel.
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In precious metals, gold prices rebounded sharply, as the February futures contract gained $14.20, or 0.8%, to $1,814.30 a troy ounce on the Comex division of the New York Mercantile Exchange. Silver futures advanced 28 cents, or 1.2%, to trade at $23.09 a troy ounce.
The Final Word: In economic data, the Institute for Supply Management’s manufacturing purchasing managers’ index fell to 58.7 in December from 61.1 in November. The new order index fell to 60.4 from 61.5 in November.