<p>The S&P 500 concluded a strong holiday-shortened week by setting a record Thursday, extending a rally amid optimism that the latest Covid-19 strain will not significantly weigh on growth.</p>.<p>The broad-based index piled on 0.6 per cent to finish at 4,725.79, overtaking a previous record set earlier this month and ending with 2.3 per cent for the week.</p>.<p>The Dow Jones Industrial Average climbed 0.5 per cent to close at 35,950.56, while the tech-rich Nasdaq Composite Index jumped 0.8 per cent to 15,653.37.</p>.<p>The session capped a banner three-day run for the market as investors greeted health studies suggesting the Omicron variant of Covid-19, while highly contagious, is less deadly than earlier strains.</p>.<p>Markets also cheered news US authorities approved new pills to treat the virus developed by Pfizer and Merck.</p>.<p>"We think there's a lot more optimism around the containment of the pandemic in these last couple of days," said Greg Bassuk, chief executive of AXS Investments.</p>.<p>A trove of economic data painted a mostly decent picture of the US economy.</p>.<p>Commerce Department data showed higher consumer spending in November, while inflation posted the biggest increase in nearly four decades.</p>.<p>The hot housing market also continued to see price pressures amid a shortage of new homes available for buyers, while jobless benefit claims held steady from the prior week and orders for big-ticket manufactured goods climbed, though mostly due to aircraft.</p>.<p><strong>Watch latest videos by DH here:</strong></p>
<p>The S&P 500 concluded a strong holiday-shortened week by setting a record Thursday, extending a rally amid optimism that the latest Covid-19 strain will not significantly weigh on growth.</p>.<p>The broad-based index piled on 0.6 per cent to finish at 4,725.79, overtaking a previous record set earlier this month and ending with 2.3 per cent for the week.</p>.<p>The Dow Jones Industrial Average climbed 0.5 per cent to close at 35,950.56, while the tech-rich Nasdaq Composite Index jumped 0.8 per cent to 15,653.37.</p>.<p>The session capped a banner three-day run for the market as investors greeted health studies suggesting the Omicron variant of Covid-19, while highly contagious, is less deadly than earlier strains.</p>.<p>Markets also cheered news US authorities approved new pills to treat the virus developed by Pfizer and Merck.</p>.<p>"We think there's a lot more optimism around the containment of the pandemic in these last couple of days," said Greg Bassuk, chief executive of AXS Investments.</p>.<p>A trove of economic data painted a mostly decent picture of the US economy.</p>.<p>Commerce Department data showed higher consumer spending in November, while inflation posted the biggest increase in nearly four decades.</p>.<p>The hot housing market also continued to see price pressures amid a shortage of new homes available for buyers, while jobless benefit claims held steady from the prior week and orders for big-ticket manufactured goods climbed, though mostly due to aircraft.</p>.<p><strong>Watch latest videos by DH here:</strong></p>