Wall Street got 2022 off to a strong start on Monday, with the S&P 500 and Dow Jones Industrial Average setting new highs.

The S&P 500 gained 0.6%, while the Dow gained 0.7%. Both indices surpassed their previous highs set last Wednesday. The Nasdaq composite increased by 1.2%.

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A large portion of the gains was accounted for by technology stocks, as well as a mix of retailers and other industries that rely on consumer spending. Apple gained 2.5%, falling just short of becoming the first corporation with a market valuation of $3 trillion. During the day, it briefly traded over that level.

Tesla gained 13.5%, the most in the S&P 500, after citing excellent delivery numbers for 2021.

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Bond yields increased dramatically. The 10-year Treasury yield increased to 1.64% from 1.51% on Friday. This boosted the value of bank stocks, which rely on higher yields to charge more profitable interest rates on loans. Bank of America increased by 3.8%.

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The market’s strong start to 2022 comes on the heels of another strong year for stocks on Wall Street. The S&P 500 finished 2021 with a gain of 26.9%, with a total return of 28.7% when dividends were considered. That is roughly the same amount that the benchmark index earned in 2019.

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Despite the recent surge in COVID-19 cases caused by the virus’ fast-spreading omicron variant and anticipation that the Federal Reserve would begin raising interest rates this year to combat growing inflation, the S&P 500’s new milestones, which follow up on the 70 record highs it set last year, show investors remain positive on equities.

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The S&P 500 climbed 30.38 points to 4,796.56. The Dow Jones Industrial Average rose 246.76 points to 36,585.06. The Nasdaq gained 187.83 points, closing at 15,832.80. The Russell 2000 increased by 27.24 points, or 1.2%, to 2,272.56.

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Health-care stocks slumped sharply, limiting gains elsewhere in the market. Despite news that the United States has increased the use of its COVID-19 booster doses for children as young as 12, Pfizer fell 4.1%. Industrial stocks have also fallen. Union Pacific, a railroad company, fell 1.7%.