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S&P 500 logs 67th record close of 2021 as investors dismiss omicron fears, and hottest inflation in 40 years

Economy, Finance

The S&P 500 booked its first record close in about three weeks as investors appeared to judge a report that showed consumer prices in November rose by the most in nearly four decades as not as bad as had been feared. Next up is a key meeting of the Federal Reserve Dec. 14-15. The S&P 500 index finished up 1% and marked a record close at 4,712, its first such finish since Nov. 18, with gains coming in choppy trade that saw indexes briefly turn lower. The broad-market benchmark’s record close marks the 67th of 2021 and brings the market back from a omicron-inspired swoon that began at the end of November as the variant emerged. The Dow Jones Industrial Average closed up 216 points, or 0.6%, at 35,970, and the Nasdaq Composite Index ended up 0.7% at about 15,630. For the week, the Nasdaq Composite rose 3.6%, the S&P 500 gained 3.8% and the Dow booked a 4% gain over the five-day period. Shares of Oracle Corp. soared about 16% after the database giant reported forecast-beating fiscal second-quarter results. Meanwhille, data released ahead of the stock market open showed November consumer-price inflation rose 6.8% annually, slightly higher than expectations for a rise of 6.7% by a poll of economists by The Wall Street Journal. It marks the fastest annual inflation rate since 1982.

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