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Dow, S&P 500 Close Record Highs, Nasdaq Off

The Dow and the S&P 500 close as record highs as omicron concerns take a back seat.
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The Dow Jones Industrial Average and the S&P 500 closed at record highs as Wall Street looked beyond the impact of the omicron variant.

The Dow finished up 90 points, or 0.25%, to 36,488, it's sixth consecutive winning day, while the S&P 500 gained 0.14% and the tech-heavy Nasdaq was off 0.55%.

The U.S. hit a new in Covid-19 cases on Tuesdays, topping 267,000, the New York Times reported, while Europe countries were breaking records for infections.

While omicron cases have increased, hospitalizations are not keeping pace.

Albert Ko, chair of the department of epidemiology and microbial diseases at the Yale School of Public Health, told Bloomberg that "we are seeing exponential increases in cases, and a much lower increase in hospitalizations and deaths."

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Scott Wren, senior global market strategist at Wells Fargo Investment Institute, said that strong global growth joined with low and, at times, declining interest rates "to produce a vintage year for risk assets and the economy supporting them."

"We believe it is premature to doubt the staying power of the risk rally despite rising world inflation," he said. "Brisk money growth and interest-rate resilience this year bode well for the market’s highly charged sectors."

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