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U.S. stocks closed slightly higher on Wednesday, with major indexes hovering around their record highs, as reports suggested that the Omicron variant of the coronavirus looks less dangerous that it was earlier thought. Also, a slew of vaccine makers said that laboratory tests show that the variant gets neutralized with a third doze of their COVID-19 vaccine. All the three major indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) climbed 0.1% or 35.32 points to close at 35,754.75 points.
The S&P 500 rose 0.3% or 14.46 points to end at 4,701.21 points, almost near its record closing high of 4,704.54 points. Health care and communication services stocks were the best performers.
The Health Care Select Sector SPDR (XLV) added 0.8%, while the Communication Services Select Sector SPDR (XLC) advanced 0.7%. Seven of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq edged up 0.6% or 100.07 points to finish at 15,786.99 points.
The fear-gauge CBOE Volatility Index (VIX) was down 9.09% to 19.90. A total of 10.3 billion shares were traded on Wednesday, lower than the last 20-session average of 11.52 billion. Advancers outnumbered decliners on the NYSE by a 1.68-to-1 ratio. On Nasdaq, a 1.93-to-1 ratio favored advancing issues.
Investors Confident as Omicron’s Fear Subsides
Stocks extended their gains for the third consecutive session after witnessing huge selloff over the past two weeks triggered by fresh fears of the Omicron variant of the coronavirus. However, markets rebounded this week on reports that the variant is less severe and would not impact the economic growth.
The upbeat sentiment continued on Wednesday, with new reports from a few COVID-19 vaccine makers further lifting investors sentiments. Covid-19 vaccine makers Pfizer, Inc. (PFE - Free Report) and BioNTech SE (BNTX - Free Report) said that initial laboratory tests showed that a third dose of the vaccine neutralizes the Omicron variant. A third dose means the mandatory two doses plus a booster shot.
Also, GlaxoSmithKline plc (GSK - Free Report) said that its antibody treatment also seems to work against the Omicron variant. The positive news on the Omicron front further lifted investors’ sentiment, sending stocks on a rally. The company’s shares rose 0.7% following the report. GlaxoSmithKline sports a Zacks # Rank 1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Economic Data
In economic data released on Wednesday, cost of living increased 0.9% in October and 6.2% annually, hitting its highest level since 1990. The report came in just ahead of the Job Opening and Labour Turnover Statistics ("JOLTS") report. The Jolts reports showed that job openings in October jumped to 11 million from 10.6 million September. This is just short of the record 11.1 million registered in July.
Separately, the US Bureau of Labor Statistics said that around 4.2 million people quit their jobs in October compared to 4.4 million in September, reflecting a decline of 2.8% from a record of 3%.
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Stock Market News for Dec 9, 2021
U.S. stocks closed slightly higher on Wednesday, with major indexes hovering around their record highs, as reports suggested that the Omicron variant of the coronavirus looks less dangerous that it was earlier thought. Also, a slew of vaccine makers said that laboratory tests show that the variant gets neutralized with a third doze of their COVID-19 vaccine. All the three major indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) climbed 0.1% or 35.32 points to close at 35,754.75 points.
The S&P 500 rose 0.3% or 14.46 points to end at 4,701.21 points, almost near its record closing high of 4,704.54 points. Health care and communication services stocks were the best performers.
The Health Care Select Sector SPDR (XLV) added 0.8%, while the Communication Services Select Sector SPDR (XLC) advanced 0.7%. Seven of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq edged up 0.6% or 100.07 points to finish at 15,786.99 points.
The fear-gauge CBOE Volatility Index (VIX) was down 9.09% to 19.90. A total of 10.3 billion shares were traded on Wednesday, lower than the last 20-session average of 11.52 billion. Advancers outnumbered decliners on the NYSE by a 1.68-to-1 ratio. On Nasdaq, a 1.93-to-1 ratio favored advancing issues.
Investors Confident as Omicron’s Fear Subsides
Stocks extended their gains for the third consecutive session after witnessing huge selloff over the past two weeks triggered by fresh fears of the Omicron variant of the coronavirus. However, markets rebounded this week on reports that the variant is less severe and would not impact the economic growth.
The upbeat sentiment continued on Wednesday, with new reports from a few COVID-19 vaccine makers further lifting investors sentiments. Covid-19 vaccine makers Pfizer, Inc. (PFE - Free Report) and BioNTech SE (BNTX - Free Report) said that initial laboratory tests showed that a third dose of the vaccine neutralizes the Omicron variant. A third dose means the mandatory two doses plus a booster shot.
Also, GlaxoSmithKline plc (GSK - Free Report) said that its antibody treatment also seems to work against the Omicron variant. The positive news on the Omicron front further lifted investors’ sentiment, sending stocks on a rally. The company’s shares rose 0.7% following the report. GlaxoSmithKline sports a Zacks # Rank 1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Economic Data
In economic data released on Wednesday, cost of living increased 0.9% in October and 6.2% annually, hitting its highest level since 1990. The report came in just ahead of the Job Opening and Labour Turnover Statistics ("JOLTS") report. The Jolts reports showed that job openings in October jumped to 11 million from 10.6 million September. This is just short of the record 11.1 million registered in July.
Separately, the US Bureau of Labor Statistics said that around 4.2 million people quit their jobs in October compared to 4.4 million in September, reflecting a decline of 2.8% from a record of 3%.