Dow Nabs 2 Straight On Pfizer's Antiviral Pill Authorization

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 - 4,696.56added 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.

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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.

Disclaimer: Schaeffer's Investment Research ("SIR" or "we" or "us") is not registered as an investment adviser. SIR relies upon the "publishers' ...

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