Wall Street was feeling merry ahead of the Christmas break tomorrow, thanks to new data easing Covid-19 concerns and the emergency authorization for the Pfizer (PFE) and Merck (MRK) antiviral pills. The Dow settled with a 196-point gain, while both the S&P 500 and Nasdaq walked away with solid wins as well, as all three extended their win streaks for a third-straight session. All three major benchmarks gained during the holiday-shortened week as well.
Investors also had a batch of economic data to unpack today. More specifically, jobs data for last week was in line with analysts' estimates, while personal consumption expenditures (PCE) and core PCE data was higher-than-expected, indicating inflation is still red-hot.
The Dow Jones Average (DJI - 35,950.56) rose 196.7 points, or 0.6% for the day, and 1.7% for the week. Caterpillar (CAT) led the gainers, adding 2%, while Visa (V) paced the laggards with a 0.6% fall.
The S&P 500 Index (SPX - 4,725.79) added 29.2 points, or 0.6% for the day, and 2.3% for the week. Meanwhile, the Nasdaq Composite (IXIC - 15,653.37) jumped 131.5 points, or 0.9% for the day, and 3.2% for the week.
Lastly, the CBOE Volatility Index (VIX - 17.96) shed less than 1 point, or 3.6% for the day, and 16.6% for the week.
Oil, Gold Prices Pop on Upbeat Covid-19 Headlines
Oil prices edged higher on Thursday to notch a monthly high. Boosting black gold today was fresh data showing the omicron variant may be less severe than other strains, and that Covid-19 vaccine booster shots are effective in fighting it. February-dated crude added $1.03, or 1.4%, to finish at $73.79 per barrel. For the week, oil added 4%.
Gold prices were also higher, notching a third-straight weekly win, and its highest close in five weeks. New Covid-19 treatments and updates boosted the yellow metal, which had been weighed down in recent weeks by pandemic uncertainties. February-dated gold rose $9.50, or 0.5%, to close at $1,811.70 per ounce. Gold added 0.4% for the week.
Comments
Log in or sign up to join the conversation.