EDITOR'S NOTE
Stocks rose for a third day on Thursday, capping off a holiday-shortened week of solid gains.
The Dow Jones Industrial Average rose 196.67 points. The S&P 500 rose 0.6% and closed at a record of 4,725.79. The Nasdaq Composite added nearly 0.9%.
Thursday’s gains left the S&P 500 about 0.4% from its all-time intraday high. The broad-market index is back near record territory after a minor sell-off from the omicron scare.
“What is interesting about [Thursday] is it isn’t just the U.S. that is strong, literally every country in Europe and Asia were also higher,” said Ryan Detrick of LPL Financial. “This can only mean one thing, the globe is showing one big sigh of relief over the omicron worries not being nearly as bad as we feared a few weeks ago.” 
Meanwhile, the Food and Drug Administration authorized Merck’s Covid treatment pill on Thursday. This followed Pfizer’s pill approval on Wednesday — making it the first oral antiviral drug cleared since the start of the pandemic.
For the week, the Dow rose 1.6%, and the S&P 500 popped nearly 2.3%. The Nasdaq Composite rallied close to 3.2% since Monday.
Reopening plays like airlines and cruise lines were some of the biggest winners this week during the comeback. Carnival rose nearly 16% since Monday. Hilton Worldwide rallied 9.7% this week.
The stock market will be closed on Friday for the Christmas holiday.
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