stock market

Wall Street Rallies to Start 2022

Equity markets began the new year on solid footing, with the Dow Jones, S&P 500 and Nasdaq rallying.

The Dow and broader U.S. stock market traded sharply higher on Monday, as investors kicked off 2022 in bullish fashion.

Wall Street’s major indices were higher at the close, with the Dow Jones Industrial Average (DIA) rising 246.76 points, or 0.7%, to 36,585.06.

The broad S&P 500 Index (SPY) of large-cap stocks gained 0.6% to settle at 4,796.56. Most sectors finished in positive territory.

Meanwhile, the technology-focused Nasdaq Composite Index (QQQ) gained 1.2% to close at 15,832.80.

A measure of implied volatility known as the CBOE VIX (VXX) was little changed on Monday. The so-called “investor fear index” reached an intraday low of 16.81 on a scale of 1-100, where 20 represents the historical average. It would eventually settle down 2.4% at 16.81.

In commodities, oil prices rose on Monday, as U.S. West Texas Intermediate futures gained 79 cents, or 1%, to $76.00 a barrel on the New York Mercantile Exchange. Brent, the international futures contract, climbed $1.14, or 1.5%, to $78.92 a barrel.

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In precious metals, gold prices declined sharply, as the February futures contract fell $27.00, or 1.5%, to $1,801.60 a troy ounce on the Comex division of the New York Mercantile Exchange. Silver futures declined 45 cents, or 1.9%, to trade at $22.90 a troy ounce.

The Final Word: The major U.S. equity benchmarks performed exceptionally well in 2022, with the Dow Jones gaining 18.7%, the S&P 500 rising 26.9% and the Nasdaq Composite finishing 21.4% higher.