Wall Street rallied for the third straight trading day as we head into the Christmas holiday. Broader markets are shaking off the omicron worries as more positive news has been released from the medical officials. Investors are speculating on a "Santa Rally" and pushing the stocks markets higher, in low trading volumes.
The Dow Jones Industrial Average was up 0.54%, the S&P 500 gained 0.62%, and Nasdaq added 0.85%. 10 out 11 sectors in S&P finished higher, and consumer discretionary, industrial and materials all up more than 1%.
Tesla jumped for the second trading day after the CEO Elon Musk indicated he might have done with his shares selling for the tax obligation in a podcast. The EV maker's share price climbed 5.83 %, to $1067.59, making a 13% gain in 2 days. Now the market cap came back to above $1 trillion again.
Boeing's shares rebounded for the fourth straight day. The industrial pioneer gained 1.33%, to $204.44, and finally broke up through the 20-day moving average. The company announced UPS ordered 19 767 freighters on the 21st of December. It also received 109 737 Max aircraft orders in November.
A mix of economic data was released on Thursday. The US November consumer prices rose 5.7% YoY, the highest yearly rise in 39 years, according to Commerce Department. The Personal Consumption Expenditures (PCE) index rose 0.6% MoM, and 4.7% YoY in November, higher than expected. The data shows inflation is still an ongoing issue for the nation's economy. The jobless claims stayed as low as 205, 000, indicating an ongoing improvement in the labor force. The durable goods were up 2.5%, greater than the forecast at1.5%.
The 10-year US Treasury yield finished at 1.493% after briefly touching 1.50% in response to the high consumer price data. The USD continued to soften, the dollar index fell just under 96.00. Gold futures rose $7.7, to $1,809.8 per ounce. The WTI futures price climbed 1.57%, to $73.91. Cryptocurrencies also had decent bounces on Thursday. Bitcoin was up 4%, to $50,840, the highest since 8 December. Ethereum rose 2.73%, to $4,113, the highest in two weeks.
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