U.S. stocks rose sharply at Tuesday's open to start the second consecutive trading day of 2022 higher after a momentous kick off to the new year.
Investors will assess a trove of key economic data set for release this morning on labor and manufacturing as they continue to mull the economic recovery from COVID-19. The prints due out today will include a fresh read on the ISM Manufacturing Index and the Labor Department's latest job openings.
The Dow Jones Industrial Average and S&P 500 reached new all-time highs again at the start of the session, building on earlier gains from Monday's rally. The Dow jumped nearly 250 points to notch a record close on Monday, and the S&P 500 gained 0.6% to 4,796.56, topping its previous high. The Nasdaq drew strength from a great day for tech to end 1.2% up but fell short of its last record close in November.
“When I think about the market and the economy right now, I think about momentum,” Baird market strategist Michael Antonelli told Yahoo Finance Live.
“Momentum is one of the most durable factors when it comes to the stock market,” he said. “If you looked at new all-time highs last year, there were actually more new all-time highs than in the entire '70s and 2000s combined, those two decades — we’ve got a lot going for us right now.”
