US stocks march higher for third day

Traders work on the floor of the New York Stock Exchange, on Dec 8, 2021. PHOTO: REUTERS

NEW YORK (AFP) - Wall Street closed higher on Wednesday (Dec 8) for the third straight session amid positive sentiment about the effectiveness of three-dose vaccinations against the newest Covid-19 strain.

Markets have faced volatility recently due to concerns about the possible impact of the Omicron variant, as well as expectation that the Federal Reserve and other major central banks will tighten monetary policy sooner than expected.

The major US indexes were in the red for much of the trading session, but rallied late to close higher.

The Dow Jones Industrial Average added 0.1 per cent to finish at 35,754.75.

The broad-based S&P 500 gained 0.3 per cent to end at 4,701.21, while the tech-rich Nasdaq Composite jumped 0.6 per cent closing more than 100 points higher at 15,786.99.

Shares were helped by statements from drugmakers BioNTech and Pfizer that a third shot of their vaccine was effective at guarding against the new strain, while a two-dose regime will leave Omicron "not sufficiently neutralised."

Apples shares gained 2.3 per cent after a US court temporarily allowed the iPhone maker to retain control over payments in its App Store.

With a Fed policy meeting looming next week, investors will be focused on Friday's consumer price index data as the central bank has signalled its concern about rising inflation, which could lead to multiple rate hikes next year.

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