U.S. stocks rose on Wednesday, rallying for a second day as the market continued to rebound from a three-day losing streak spurred by fears about the COVID omicron variant.
The Dow Jones Industrials grabbed 261.19 points to close Wednesday at 35,753.89, bringing its two-day rally to more than 800 points.
The S&P 500 index gained 47.33 points, or 1% to 4,696.56, on track for a winning week.
The NASDAQ vaulted 180.81 points, or 1.2%, at 15,521.89.
Trading is expected to be thin for the remainder of the week ahead of the holidays.
Caterpillar rose 1.9% after Bernstein upgraded the stock, saying the machinery maker will be a key beneficiary of a rebound in global growth.
Tesla shares hiked 7.4% after Elon Musk said in a podcast that he had reached his goal of selling 10% of his shares for tax reasons.
The Food and Drug Administration on Wednesday granted emergency use authorization for Pfizer's COVID pill, the first antiviral drug against the virus for at-home use. Pfizer shares gained about 1%.
December, normally the calmest month for markets, has so far been the most volatile month of 2021, according to Bespoke Investment Group that looked at the S&P 500's average absolute daily change since 1953.
Prices for 10-year were slightly higher, dropping yields to 1.46% from Tuesday's 1.47%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.80 to $72.92 U.S. a barrel.
Gold prices brightened $16.90 to $1,805.60 U.S. an ounce.