4.10pm: S&P 500 flirts with new record highs as investors shrug off Omicron concern
The S&P 500 climbed near a record high to close at 4,726 points, while the Dow also headed north to close at 35,951 points. The Nasdaq Composite also increased its level by the close, finishing at 15,652 points.
1.35pm: Stocks rise as investors digest array of data
US stock indexes climbed higher in midday trading after figures showed that consumer-spending growth cooled last month.
It might not be like some of the Santa rallies of years past, but at least markets have managed to claw their way higher this week.
The S&P 500 gained 0.7%, on pace for a new closing high as strong economic data helped ease investors’ concerns about the risks posed by Covid-19 and inflation. The tech-focused Nasdaq Composite rose nearly 1%, and the Dow Jones Industrial Average added 223 points, or 0.6%.
It might not be like some of the Santa rallies of years past, but at least markets have managed to claw their way higher this week.
“Easing fears around Omicron have helped markets to push into Christmas in better form… Given how light the calendar has been this week it is hard to pin the move on anything firm, but at least the Omicron situation appears to be lessening in the scope of its potential dangers, providing one source of optimism,” said Chris Beauchamp, Chief Market Analyst at online trading platform IG.
“And the economic recovery is still on track, as the rebound in durable goods orders shows.”
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9.48am: US shares higher at open
US stocks started higher in New York as traders mulled a mixed set of economic data and appeared determined to put Omicron fears behind them ahead of the holiday weekend.
The Dow Jones Industrial Average added around 103 points to stand at 35,857. The S&P 500 gained around 12 points at 4,709.
The tech-laden Nasdaq advanced around 27 points at 15,549.
All three of the major benchmarks are on pace to end the week higher.
In the US claims for unemployment benefit for the week to December 18 came in about as expected at 205,000, while durable goods for November added 2.5%, compared to a expectations for 1.5%, showing aa strengthening economy.
But inflation figures were more disturbing. The core (stripping out food and fuel) personal consumption expenditures price index (PCE) rose 4.7% year-over-year in November this year, which was higher than the 4.5% rate expected.
Also, the Federal Reserve's core personal consumption expenditures index rose 0.6% in November compared to the previous month.
6.10am: US stocks set for higher start
US stocks are expected to edge higher at the start of the final Wall Street session before the holidays as investors eye the latest US core inflation and consumer spending data, plus weekly jobless claims numbers.
Futures for the Dow Jones Industrial Average added 0.3%, those for the S&P 500 gained 0.2%, and contracts for the tech-focused Nasdaq-100 rose 0.1% on Thursday.
The Commerce Department will release figures on consumer spending and a key measure of inflation at 8.30am ET. Economists estimate that core inflation, which excludes often-volatile food and energy prices, rose at the fastest annual pace in almost four decades in November.
Meanwhile US consumer spending is likely to have increased as well in November, boosted by job gains and rising wages, high levels of household saving and inflationary pressures.
Strong inflation data earlier in December helped prompt the Federal Reserve to accelerate a winding down of its pandemic-era stimulus and investors and central bankers are worried that the Omicron coronavirus (COVID-19) variant could add additional pressure to inflation.
The latest weekly jobless claims data are also due out at 8.30am. Economists expect first-time applications for unemployment benefits to remain exceptionally low in the week ended December 18, 2021, as employers try to hold on to workers ahead of the holidays.
On the corporate front, shares of Novavax rose In pre-market trading after the drugmaker said its two-dose COVID-19 vaccine demonstrated “strong immune responses” against Omicron and other variants.