The major averages rose for a third day on Thursday as investors looked past earlier jitters about the spread of the omicron COVID variant.
The Dow Jones Industrials advanced 221.40 points to move into Thursday afternoon at 35,975.29, bringing its three-day rally to more than 1,000 points.
The S&P 500 index hiked 33.97 points to 4,730.53, on track for a winning week.
The NASDAQ popped 126.83 points at 15,648.72.
Thursday’s gains were broad across the board, although on light volume. Bank shares were higher, along with Big Tech stocks Microsoft and Nvidia.
U.S. markets are closed Friday for the Christmas holiday.
Reopening plays like airlines and cruise lines were some of the biggest winners this week during the comeback. Carnival Corp. is up 15% since Monday. Hilton Worldwide rallied 8.6% this week.
Helping boost sentiment were new studies suggesting that omicron has a lower risk of hospitalization than other COVID variants.
Economic data out Thursday morning down south showed a strong economy with improving labour and spending trends, but inflation at uncomfortable levels.
Jobless claims for the week ended December 18 came in about as expected at 205,000. Durable goods for November rose 2.5%, compared to the 1.5% Dow Jones estimate. Personal income and spending showed increases for November.
But on the inflation side, the Federal Reserve’s closely watched core personal consumption expenditures index rose 0.6% in November from the month prior. Core PCE rose 4.7% year-over-year in November, higher than the 4.5% rate expected.
Prices for 10-year were pitched lower, raising yields to 1.49% from Wednesday’s 1.46%. Treasury prices and yields move in opposite directions.
Oil prices gained 68 cents to $73.44 U.S. a barrel.
Gold prices brightened $5.80 to $1,808 U.S. an ounce.