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• S&P 500 rose 0.14 percent
• Nasdaq composite index gained 0.53 percent
• Dow Jones industrial average gained 0.11 percent
US stock indices edged up on Monday, as investors assessed the economy's ability to survive the Omicron form of coronavirus while Tesla shares surged after the electric manufacturer reported record delivery figures.
In Monday trade, the S&P 500 rose 0.14 percent. The Nasdaq Composite Index gained 0.53 percent, while the Dow Jones Industrial Average gained 0.11 percent.
Tesla Inc rose 10.15 percent after the company's quarterly deliveries above Wall Street expectations amid worldwide semiconductor shortages.
The movement came as markets finished off a solid last week of 2021. The S&P 500 increased about 27 percent for the year, while the Nasdaq Composite and Dow also increased significantly.
While some investors believe that inflation, which hit a 39-year high in November, has peaked, others are concerned that Omicron may prolong supply-chain disruptions, putting more pressure on pricing, WSJ reported.
Read more: Stock futures surges on first trading day of 2022 betting for economic recovery amidst Omicron
In Heavyweight technology stocks, Apple Inc surged 2.06 percent while Microsoft Corp dropped 1.19 percent. Alphabet Inc plummeted slightly by 0.058 percent and Meta Platforms Inc gained 0.46 percent.
In the bank sector Goldman Sachs Group Inc., JPMorgan Chase & Co, Morgan Stanley, and Wells Fargo & Co surged 2.44 percent to 5.31 percent, reflecting a rise in U.S. Treasury rates due to the anticipated rise in the interest rate this year.
Read more: AT&T, Verizon reject FAA's 5G deployment delay request, agree for exclusion zones around airports
Pfizer Inc and BioNTech SE declined 3.3 percent and 7.8 percent, respectively, despite the US Food and Drug Administration's approval of a booster dosage of its COVID-19 vaccine for children aged 12 to 15 years.
While Brent crude, the global oil benchmark climbed 1.54 percent to $78.98 a barrel. WTI Crude oil prices surged 1.24 percent to $76.14 per barrel.
Overseas, the Stoxx Europe 600 index climbed 0.5 percent and Shanghai Composite Index surged 0.57percent while Nikkei 225 plummeted 0.4 percent and Hang Seng Index dropped 0.53 percent.
Picture Credits: ET