Dow Surges Over 200 Points, Nasdaq Down as Tech Falls

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Stocks were trading mixed Tuesday, with the Dow Jones Industrial Average and S&P 500 setting intraday highs, after notching record closes on the first trading day of 2022.

At last check the Dow was up 249 points, or 0.68%, to 36,834, while the S&P 500 slipped 0.10% and the tech-heavy Nasdaq was off 1.60%.

The Dow and the S&P reached intraday records shortly after the open.

Caterpillar  (CAT) – Get Caterpillar Inc. Report, JPMorgan Chase  (JPM) – Get JPMorgan Chase & Co. Report and Goldman Sachs  (GS) – Get Goldman Sachs Group, Inc. Report were leading the Dow.

Tech stocks were taking a beating, with Nvidia  (NVDA) – Get NVIDIA Corporation Report, Advanced Micro Devices  (AMD) – Get Advanced Micro Devices, Inc. Report and Zoom Video Communications  (ZM) – Get Zoom Video Communications, Inc. Class A Report pulling down the Nasdaq.

Energy and economic recovery stocks were gaining, despite U.S. omicron cases rising above 1 million Monday.

Halliburton  (HAL) – Get Halliburton Company Report shares surged as crude prices rose and Morgan Stanley upgraded the oil-services company to overweight from equal weight.

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Travel and tourism-related shares continued to recover, with Carnival  (CCL) – Get Carnival Corporation Report, Norwegian Cruise  (NCLH) – Get Norwegian Cruise Line Holdings Ltd. Report and Royal Caribbean  (RCL) – Get Royal Caribbean Group Report all advancing.

JetBlue  (JBLU) – Get JetBlue Airways Corporation Report, United Airlines  (UAL) – Get United Airlines Holdings, Inc. Report and Southwest  (LUV) – Get Southwest Airlines Co. Report were all climbing.

Apple  (AAPL) – Get Apple Inc. Report shares were lower after the tech giant became the first U.S. company to achieve a $3 trillion market capitalization on Monday.

The major averages rose on Monday, boosted by the technology sector, with two of three hitting record highs

The Institute for Supply Management (ISM) said on Tuesday that its index of national factory activity fell to a reading of 58.7 last month. That was the lowest reading since last January and followed 61.1 in November.

A reading above 50 indicates expansion in manufacturing, which accounts for 11.9% of the U.S. economy. Economists polled by Reuters had forecast the index falling to 60.1.

Vacancies totaled 10.562 million in November, according to the Labor Department’s Job Openings and Labor Turnover Summary (JOLTS), which was released Tuesday. 

The results are slightly lower than the 11.091 million in October, based on the government’s revised print for the month. Economists were looking for job openings to rise to 11.079 million in November.