The S&P 500 Index recorded its best weekly gain since February, as fears seemed to abate about omicron variant. Tech stocks drove much of the rally, as solid gains in Apple pushed the market capitalization of the world’s most highly valued public company near USD 3 trillion. Markets also seemed to react favorably to the week’s economic news. On Thursday, the Labor Department reported that 184,000 Americans applied for unemployment benefits the previous week—the lowest number since 1969. The multi-decade strength in the labor market was reflected in multi-decade high levels of inflation, with the November consumer price index, reported Friday, rising 6.8% on a year-over-year basis, the biggest jump since 1982. Chinese stock markets rose for the week after the central bank cut the reserve requirement ratio (RRR) for banks and November factory gate inflation cooled, easing inflation concerns. The CSI 300 Index jumped 3.1%, and the Shanghai Composite Index added 1.6%. The Dollar ended the week lower, dropping back from unchanged today after CPI. Cryptos were ugly this week with all the major coins down, but off the lows of last weekend's flash crash. BTC ended -10%, ETH -4%.
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