The S&P 500 and the Dow hit all-time highs on Thursday, extending a record-setting run as a dip in weekly jobless claims allayed fears over the economic damage from a rampant surge in COVID-19 infections in the United States.
The blue-chip Dow was set to rise for a seventh straight session, its longest streak of gains since March.
The Labor Department's data showed that the number of Americans filing for new unemployment claims slipped to 198,000 in the week leading up to Christmas, from 205,000 a week earlier. Economists polled by Reuters had forecast 208,000 applications for the latest week.Equities have rallied recently, albeit in some of the thinnest trading volumes that U.S. stock exchanges have seen this year, as growing evidence emerged that the Omicron variant causes less severe illness than the Delta strain.
Aiding sentiment, top U.S. infectious disease adviser Dr. Anthony Fauci said on Wednesday the surge in cases of the Omicron coronavirus variant in the United States is likely to peak by the end of January.
As Wall Street's main indexes look to exit the year with their sharpest three-year surge since 1999, the attention will shift towards the pace of U.S. interest rate hikes in the face of soaring prices and supply chain logjams. The S&P 500 is set to end the year 28.8% higher, while the Dow is looking at a climb of 19%. The Nasdaq is up 23% so far in 2021.
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