Dow Jones Industrial Average: +0.10% or +35.67 points 35,528.37
Stocks rose Wednesday as Wall Street rallied for a second day following an Omicron variant-spurred three-day losing streak. The Dow Jones Industrial Average climbed over 260 points, while the S&P 500 and Nasdaq added more than 1%.
Here's how the market settled on Wednesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Pfizer's COVID-19 antiviral scores FDA authorization:
Pfizer's
Based on Pfizer's clinical trial data, the oral antiviral treatment was 90% effective at preventing hospitalizations and death in high-risk patients infected with COVID-19. The federal health agency's authorization allows for those at least 12 years of age and older to be prescribed treatment by a health care provider outside of a hospital setting.
Existing home sales rise in November:
Sales of previously owned homes increased at a slower-than-expected rate in November, according to the National Associations of Realtors latest report published Wednesday, but still rose higher as buyers rushed to purchase before coming mortgage rate hikes.
Existing home sales rose by 1.9% to a seasonally adjusted annualized rate of 6.46 million units last month, jumping from October's sales rate of 0.8%.
"Determined buyers were able to land housing before mortgage rates rise further in the coming months," said Lawrence Yun, NAR's chief economists, in a press statement. "Looking in a constant and firm mortgage payments motivated many consumers who grew weary of escalating rents over the last year."
"Mortgage rates are projected to jump in 2022, however, I don't expect the imminent increase to be overly dramatic," Yun added.
Consumer confidence climbs higher in December:
Consumer Confidence increased by a greater-than-expected margin in December as consumers shook off inflation and Omicron variant concerns heading into the year's end.
The Conference Board's headline index rose to 115.8 in December, according to the firm's report published Wednesday, which was above November's upwardly revised reading of 111.9.
"Consumer confidence improved further in December, following a very modest gain in November," Lynn Franco, senior director of economic indicators at The Conference Board, wrote in a press statement. "Expectations about short-term growth prospects improved, setting the stage for continued growth in early 2022. The proportion of consumers planning to purchase homes, automobiles, major appliances, and vacations over the next six months all increased."
"Meanwhile, concerns about inflation declined after hitting a 13-year high last month as did concerns about COVID-19, despite reports of continued price increases and the emergence of the Omicron variant," Franco added. "Looking ahead to 2022, both confidence and consumer spending will continue to face headwinds from rising prices and an expected winter surge of the pandemic."
Q3 GDP rises by 2.3% in third and final estimate:
U.S. gross domestic product (GDP) increased at a 2.3% annualized rate for the Q3, according to the Bureau of Economic Analysis' third and final estimate published Wednesday.
The final print was upwardly revised from the 2.1% rise previously reported for the months of July through September, but still marked a deceleration from the 6.7% increase posting in Q2 and 6.3% advance from Q1. The key driver for Q3's upward revision was personal consumption--the biggest component of U.S. domestic economic activity--rose by 2.0%.
Here's how market benchmarks started trading soon after opening bell:
S&P 500 Index: +0.02% or +0.90 points to 4,650.04
