The major benchmarks extended their "Santa Claus rally" on Wednesday after the Food and Drug Administration (FDA) granted Pfizer (PFE) emergency use authorization for its Covid-19 antiviral pill for at-home use. In turn, the Dow added 261 points, while the S&P 500 and Nasdaq both joined the blue-chip index in notching a second-straight daily win. Investors are now gearing up for tomorrow, which marks the last session before Wall Street's Christmas break on Friday.
The Dow Jones Average (DJI - 35,753.89) rose 261.2 points, or 0.7% for the day. Caterpillar (CAT) led the gainers, adding 1.9%, while Nike (NKE) paced the laggards with a 0.7% fall.
The S&P 500 Index (SPX - 4,696.56) added 47.3 points, or 1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 15,521.89) jumped 180.8 points, or 1.2% for the day.
Lastly, the CBOE Volatility Index (VIX - 18.63) shed 2.4 points, or 11.3% for the day.
Oil Prices Win on Dropping U.S. Crude Supplies
Oil prices settled higher on Wednesday, after fresh Energy Information Administration (EIA) data showed U.S. crude inventories dropping a wider-than-expected 4.7 million barrels last week. Also on investors' minds was the impact the omicron variant could have on energy demand. February-dated crude added $1.64, or 2.3%, to finish at $72.76 per barrel.
Gold prices were higher as well, settling back above the psychologically significant $1,800 level. Contributing to the precious metal's rise was a weaker U.S. dollar and muted Treasury yields. In response, February-dated gold added $13.50, or 0.8%, to close at $1,802.20 per ounce.
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