The Dow Jones Industrial Average added 196.67 points, or 0.55%, to 35,950.56 points. While the Standard & Poor’s Index rose 0.62% to 4725.79 and closed at a record high. The Nasdaq Composite Index rose 0.85% to 15,653.37.
Thursday’s gains were broad across the board, despite thin trading volumes. Banks rose, along with shares of technology companies Microsoft and Nvidia.
“A large part of the stock market’s rally this week is due to exaggerated concerns last week,” said Jim Poulsen, senior investment analyst at the Leuthold Group. Once the market turned higher, buyers who didn’t want to miss out on the Santa rally (Santa Rally) took the lead.”
The new studies helped bolster sentiment that omicron has a lower risk of hospitalization than other variants of COVID-19.
Also, the Food and Drug Administration granted emergency authorization for COVID-19 pills from Pfizer, the first oral antiviral drug against the virus called Merck.
US markets are closed on Friday for the Christmas holiday. The three indices achieved weekly gains. Since Monday, the Dow is up 1.6%, and the S&P is up 2.3%. The Nasdaq Composite is up 3.2% this week.
European shares hit their highest levels in a month, Thursday, led by gains in banking stocks as indications that the impact of the mutant Omicron from the Corona virus may be less severe than expected improved risk appetite, pushing up eurozone bond yields and the US Treasury.
The pan-European Stoxx 600 index rose one percent, to achieve gains for the third consecutive session, supported by the rise of banking and travel companies, to track the impact of the rise in global stocks, which is also supported by strong economic data from the United States.
The Stoxx 600 index is set to rise about 21 percent this year, compared with a 26 percent gain for the S&P 500 and just 1.5 percent from its record highs.
Swiss building materials maker Holcim rose 1.9 percent after it said it would buy roofing products company Malarkey for $1.35 billion, aiming to expand in the growing market for residential roofs in the United States.
Shares of Continental rose 2.5 percent after its chief executive told a magazine that the German tire maker may reach the upper end of its profit margin forecast in 2021 as car production rises in the fourth quarter.
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