Dow35754.75+35.32(0.10%)Nasdaq15786.98+100.07(0.64%)SP 5004701.21+14.46(0.31%)10-yr Note -26/321.520NYSEAdv 2020 Dec 1258 Vol 877.3 mlnNasdaqAdv 3051 Dec 1563 Vol 4.6 bln Industry Watch Strong: Communication Services, Health Care, Real EstateWeak: Consumer Staples, Financials, Utilities Moving the Market -- Stock market extends rally to a third day with modest gains-- Pfizer (PFE) and BioNTech (BNTX) said a third dose of their vaccine neutralizes the Omicron variant, according to preliminary data-- Reopening themes in play through higher commodity prices, steepened yield curve, and strength in airlines/cruise lines Market drifts higher amid Pfizer newsDow +35.32 at 35754.75, Nasdaq +100.07 at 15786.98, S&P +14.46 at 4701.21 [BRIEFING.COM] The stock market closed higher for the third straight day on Wednesday, albeit at a more modest pace. The S&P 500 gained 0.3% and came up short of a closing record high, while the Nasdaq Composite (+0.6%) and Russell 2000 (+0.8%) outperformed in percentage terms. The Dow Jones Industrial Average increased just 0.1%. Eight of the 11 S&P 500 sectors finished in positive territory, although no sector gained more than 1.0%. The communication services sector led the advance with a 0.8% gain, while the financials (-0.5%), consumer staples (-0.4%) and utilities (-0.1%) sectors closed lower. Concerns about the Omicron variant were further allayed after Pfizer ($PFE 51.40, -0.32, -0.6%) and BioNTech ($BNTX 291.94, -10.75, -3.6%) said preliminary data suggested that three doses of their current vaccine neutralize the Omicron variant and that two doses protect against severe disease. The market's rally in the prior two days was attributed to optimism on the Omicron variant, so the ability for the market to hold steady on good Omicron news today was an encouraging development for buyers. What's more, news that lawmakers are moving closer to raising the debt ceiling tempered another area of concern. Travel stocks like airlines and cruise lines were among the biggest gainers in the S&P 500, but Apple ($AAPL 175.08, +3.90, +2.3%), Tesla ($TSLA 1068.96, +17.21, +1.6%), and Meta Platforms ($FB 330.56, +7.75, +2.4%) were among the more influential gainers. AAPL set an all-time high. Improved expectations for the economy were also manifested in higher prices for WTI crude ($72.43/BBL, +0.48, +0.7%) and copper ($4.395/LB, +0.05, +1.3%), as well as curve-steepening activity in the Treasury market. The 10-yr yield rose three basis points to 1.51% after dipping below 1.43% prior to the Pfizer-BioNTech news. The 2-yr yield decreased one basis point to 0.68%, even though the vaccine news supported the case for the Fed to consider a faster taper plan. The U.S. Dollar Index fell 0.5% to 95.91. The CBOE Volatility Index dropped below the 20.00 level (19.90, -1.99, -9.1%), as the continued resiliency in the market staved off hedging interest. Reviewing Wednesday's economic data: Job openings increased to 11.033 million in October from a revised 10.602 million (from 10.438 million) in September.The weekly MBA Mortgage Applications Index increased 2.0% following a 7.2% decline in the prior week.Weekly crude oil inventories decreased by 240,000 barrels after decreasing by 910,000 barrels during the previous week. Looking ahead, investors will receive the weekly Initial and Continuing Claims report and Wholesale Inventories for October on Thursday. S&P 500 +25.2% YTDNasdaq Composite +22.5% YTDDow Jones Industrial Average +16.8% YTDRussell 2000 +15.0% YTDSource: (Briefing.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. .