Dow Nabs 2 Straight on Pfizer's Antiviral Pill Authorization

The major benchmarks extended their "Santa Claus rally" on Wednesday, after the Food and Drug Administration (FDA) granted Pfizer (PFE) emergency use authorization for its Covid-19 antiviral pill for at-home use. In turn, the Dow added 261 points, while the S&P 500 and Nasdaq both joined the blue-chip index in notching a second-straight daily win. Investors are now gearing up for tomorrow, which marks the last session before Wall Street's Christmas break on Friday.

Continue reading for more on today's market, including:

• Tesla stock popped on this Elon Musk update.
• This Chinese stock sank after a contract suspension.
• Plus, unpacking BlackBerry's earnings; buy this blue-chip name right now; and analyst praises Williams-Sonoma stock.

The Dow Jones Average (DJI - 35,753.89) rose 261.2 points, or 0.7% for the day. Caterpillar (CAT) led the gainers, adding 1.9%, while Nike (NKE) paced the laggards with a 0.7% fall.

The S&P 500 Index (SPX - 4,696.56) added 47.3 points, or 1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 15,521.89) jumped 180.8 points, or 1.2% for the day.

Lastly, the CBOE Volatility Index (VIX - 18.63) shed 2.4 points, or 11.3% for the day.

1. President Joe Biden will make 500 million at-home Covid-19 test kits available for free starting next month, in an effort to contain the virus this winter. (MarketWatch)
2. The Biden administration will extend the payment pause and interest waiver for most federal student loan borrowers until May 1, amid omicron variant concerns. (CNBC)
3. Why BlackBerry stock brushed off a quarterly earnings beat.
4. This blue-chip name moved higher thanks to an analyst upgrade.
5. Loop Capital thinks Williams-Sonoma stock could surge in 2022.

Oil Prices Win on Dropping U.S. Crude Supplies

Oil prices settled higher on Wednesday, after fresh Energy Information Administration (EIA) data showed U.S. crude inventories dropping a wider-than-expected 4.7 million barrels last week. Also on investors' minds was the impact the omicron variant could have on energy demand. February-dated crude added $1.64, or 2.3%, to finish at $72.76 per barrel.

Gold prices were higher as well, settling back above the psychologically significant $1,800 level. Contributing to the precious metal's rise was a weaker U.S. dollar and muted Treasury yields. In response, February-dated gold added $13.50, or 0.8%, to close at $1,802.20 per ounce.