Thu, 18 Aug 2022

NEW YORK, New York - Wall Street kicked the New Year off in style Monday sending the Dow Jones and S&P 500 to new all-time record closing highs. U.S. bond yields rose and the dollar jumped.

"It's a glass-half-full start to the year and that's been our perspective throughout 2021 and heading into 2022," Tom Hainlin, global investment strategist at U.S. Bank Wealth Management told CNBC Monday. "We're still in that modestly optimistic outlook for the year ahead and think the economy and corporate profits are set up to support rising equity prices, at least in the first part of the year."

The Dow Jones Industrial Average advanced 246.76 points or 0.68 percent to hit a new all-time closing high Monday of 36,585.06.

The Standard and Poor's 500 also hit a record close, gaining 30.38 points or 0.64 percent to 4,796.56.

The Nasdaq Composite jumped 187.83 points or 1.20 percent to 15,832.80. Shares in Apple soared 2.5 percent, pushing the company to a capitalization of in excess of $3 trillion, the first for any U.S. company. Apple's shares have risen three-fold in the past 4 years.

The U.S. dollar was in demand across the board. The euro slumped to 1.1296 by the New York close Monday. The British pound dipped to 1.3478. The Japanese yen dropped to 115.31. The Swiss franc eased to 0.9194.

The Canadian dollar was sold off to 1.2754. The Australian and New Zealand dollars lost considerable ground to close at 0.7191 and 0.6786 respectively.

On overseas equity markets, the FTSE 100 in London slid 0.25 percent. The German Dax rose 0.86 percent. The Paris-based CAC 40 climbed 0.90 percent.

On Asian markets, the Nikkei 225 in Japan dipped 0.40 percent. The Hang Seng in Hold Kong declined 0.53 percent. The Shanghai Composite in China rose 0.57 percent. The Australian sharemarket was closed for a public holiday.

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