US stocks hit a new all-time high as concerns eased over the degree of impact from the Omicron variant. The S&P 500 climbed 2.3% and the Dow gained 1.7% for the week. Abroad, the FTSE All World Ex US rose 0.7% for the week. The yield on the 10-year Treasury edged up to end the week at 1.49% compared to 1.40% at the end of last week.
Biden’s $2 trillion social spending package was thrown into doubt as Senator Manchin said he would not support it.
Existing home sales rose to their highest rate since January and are on pace to have their best year since 2006.
December consumer confidence was higher than expected.
Initial jobless claims remained historically low at 205,000.
Consumer spending rose 0.6% in November down from a 1.4% gain in October.