Stocks rise on Wall Street ahead of Christmas holiday
Stocks rose broadly in afternoon trading on Wall Street Wednesday, adding to the week’s gains ahead of the Christmas holiday.
The S&P 500 rose 0.6% as of 2:38 p.m. Eastern. The Dow Jones Industrial Average rose 176 points, or 0.5%, to 35,670 and the Nasdaq rose 0.6%.
The Russell 2000, a measure of small-company stocks, rose 0.4%. Indexes were mostly higher in Europe and Asia.
Every major U.S. index is still on track for weekly gains after a choppy several days where stocks bounced between sharp losses and solid gains. It is a shortened week for traders, with U.S. markets closed Friday in observance of Christmas.
Retailers and other companies that rely on consumer spending accounted for a big share of the gains. They rose following an encouraging consumer confidence report.
Tesla jumped 6.4% for the biggest gain in the S&P 500 after CEO Elon Musk reportedly said he sold enough stock to reach his goal of selling 10% of his stake in the electric vehicle maker.
Technology and health care stocks also helped lift the market. Microsoft rose 1.1% and Abbott Laboratories was up 2.2%.
Traders bid up shares in cruise lines, hotel operators and other travel-related stocks. Carnival rose 3.6%, Marriott gained 2.7% and Expedia Group picked up 2.4%.
Utilities and industrials companies lagged the market.
Energy futures rose, with the price of U.S. crude oil rising 2.5%.
Bond yields edged mostly lower. The yield on the 10-year Treasury fell to 1.46% from 1.48% late Tuesday.
The latest surge in coronavirus cases because of the omicron variant has been hanging over markets, along with concerns about rising inflation and its impact on economic growth.
The Commerce Department on Wednesday said the U.S. economy grew at a 2.3% rate in the third quarter, slightly better than...