(CNBC) — The Dow Jones Industrial Average rose for a second day to start 2022 as investors bet on the kinds of stocks that would benefit from a robust economy this year despite the omicron threat.
But a continuing spike in bond yields to start the new year caused investors to rotate out of tech stocks, sending the Nasdaq lower. Losses in tech shares that were big winners last year like Nvidia and Tesla weighed on the broader market.
The Dow rose 214.59 points, or about 0.5%, notching a record close of 36,799.65 and hitting an intraday record earlier in the session. The S&P 500 also reached an intraday record, but was held back somewhat by tech losses. It ended the day down 0.06%, falling to 4,793.54. The Nasdaq Composite shed 1.3% to 15,622.72 on the losses in tech shares.
