Stocks traded higher on Wednesday to extend the gain from Tuesday’s session, when major stock indexes rallied after three straight sessions of declines.

The S&P 500, Dow and Nasdaq rose in intraday trading after a mixed opening, with the upward moves coming amid a plethora of bullish economic data. The third quarter U.S. gross domestic product (GDP) has been revised up in the latest Bureau of Economic Analysis estimate to show a 2.3% annualized increase in economic activity from the 2.1 increase % previously reported. And consumer confidence has jumped more than expected this month, and “expectations for near-term growth prospects have improved” among Americans, according to the latest Conference Board report.

With relatively low trading volume during the shortened holiday week, investors also continued to assess a host of developments on the Omicron variant and its potential impact on economic activity. These updates came alongside expectations of a tightening monetary policy next year from the Federal Reserve.

Omicron has overtaken other variants of the coronavirus to become the dominant strain in the United States and now accounts for about three-quarters of new infections. In this context, President Joe Biden on Tuesday announced a series of new measures to fight the virus, including the opening of additional federal testing and vaccination sites against COVID-19 and the sending of 500 million tests free of charge. fast home to Americans starting next month.

“I think this is a great time to remind everyone that the market is a leading indicator. So the market is going to go down, the market is going to bottom out before the bad news peaks,” Liz Young, Head of the investment strategy at SoFi, told Yahoo Finance Live on Tuesday. “We probably haven’t heard all the bad news yet. We certainly haven’t peaked in the Omicron business.”

“But what we see in action [Tuesday] is that we had three days of massive sales. And part of that, I think, was overkill, especially in a lot of those areas that are well positioned to do well in a reopening environment, ”she added. “You have to have money in the market in areas that should be doing well in that particular area. path. Airlines are part of it, cyclists are more. When we look at the market trend today, I think it makes sense for what lies ahead for the next 6 to 12 months. “

Other strategists agreed that investors should prepare for more turmoil by the end of the year.

“I think you naturally get a bit of that rebound after we’ve had a few choppy sessions. But the market is also trying to gauge and digest the new information we’re getting here,” Anna Han, Wells Fargo Securities Equity Strategist, told Yahoo Finance Live on Tuesday. “We have had news on the Build Back Better delay, we have more information on Omicron. These are the things that you see combine with low liquidity as we approach the end of the year, we don’t. we are therefore not surprised to see the volatility. ”

During a question-and-answer session during his remarks Tuesday, Biden said he and Sen. Joe Manchin (D., W. Va.) “Were going to do something” on the social policy bill d ‘About $ 1.8 trillion from the White House Build Back Better. Manchin had told Fox News earlier this week that he could not support the legislation in part due to lingering inflation problems, suggesting the bill would be scuttled in the absence of support from the moderate Democratic lawmaker.

10:50 a.m. ET: Stocks turn positive after strong economic data

Stocks took a bullish turn midday Wednesday, after data on U.S. GDP and consumer confidence each beat estimates.

Here’s where the markets were trading on Wednesday mid-morning in New York:

  • S&P 500 (^ GSPC): +25.71 (+ 0.55%) to 4,674.94

  • Dow (^ DJI): +145.96 (+ 0.41%) to 35,638.66

  • Nasdaq (^ IXIC): +84.19 (+ 0.55%) to 15,424.78

  • Raw (CL = F): + $ 0.76 (+1.07%) to $ 71.88 per barrel

  • Gold (CG = F): + $ 4.60 (+ 0.26%) to $ 1,793.30 per ounce

  • 10-year cash flow (^ TNX): -1.3 bps for a yield of 1.474%

10:06 am ET: Existing home sales rose 1.9% in November, estimates missing

Sales of previously owned homes grew at a slower pace than expected last month, but held up even as home inventories remained lower and prices remained high.

Existing home sales rose 1.9% to a seasonally adjusted annualized rate of 6.46 million units in November, the National Association of Realtors said on Wednesday. Consensus economists were looking for a 2.9% increase, according to Bloomberg data. Sales of existing homes in October had increased at a monthly rate of 0.8%.

10:01 a.m. ET: Consumer confidence rose more than expected in December: Conference Board

Consumer confidence rose by a larger margin than expected in December, according to the latest Conference Board index.

The institution’s overall index climbed to 115.8 in December, according to the latest publication. It was above the expected 111.0, according to Bloomberg consensus data. The index has been revised up to 111.9. in November compared to the 109.5 previously reported.

“Consumer confidence improved further in December, following a very modest gain in November,” wrote Lynn Franco, senior director of economic indicators at the Conference Board, in a press release. “Expectations for near-term growth prospects have improved, paving the way for continued growth into early 2022. The proportion of consumers planning to purchase homes, automobiles, major appliances and vacations in the near future. next six months increased.

Meanwhile, concerns about inflation have subsided after peaking in 13 years last month, as have concerns about COVID-19, despite reports of continued increases in prices and prices. emergence of the Omicron variant, “added Franco. Consumer spending will continue to face the headwinds of rising prices and the expected winter outbreak of the pandemic. “

9:30 a.m. ET: Open for mixed actions

Here’s where the markets were trading right after the opening bell Wednesday morning:

  • S&P 500 (^ GSPC): +0.9 (+ 0.02%) to 4,650.04

  • Dow (^ DJI): +35.67 (+ 0.1%) to 35,528.37

  • Nasdaq (^ IXIC): -26.31 (-0.17%) to 15,317.51

  • Raw (CL = F): + $ 0.06 (+ 0.08%) to $ 71.18 per barrel

  • Gold (CG = F): + $ 5.70 (+ 0.32%) to $ 1,794.40 per ounce

  • 10-year cash flow (^ TNX): -3.7 bps for a yield of 1.45%

8:30 a.m. ET: National GDP grew at revised upward annualized rate of 2.3% in third quarter, latest estimate

U.S. gross domestic product grew at an annualized rate of 2.3% during the July-September quarter, according to the third and latest estimate from the Bureau of Economic Analysis.

This figure has been revised up from the previously reported 2.1% increase. However, it marked a deceleration from the 6.7% jump recorded in the second quarter and the 6.3% increase in GDP recorded in the first three months of the year.

The upward revision in overall GDP came as personal consumption, the largest contributor to national economic activity, rose 2.0%. This increase was greater than the 1.7% increase reported previously in the second estimate.

Basic personal consumption spending – the Fed’s preferred indicator of inflation – rose 4.6% quarter over quarter. This figure was also higher than the previously reported quarterly increase of 5.9%.

7:20 a.m. ET Wednesday: Stock futures are on the rise

Here’s where the markets were trading ahead of the opening bell Wednesday morning:

  • S&P 500 Futures Contracts (ES = F): +4.00 points (+ 0.09%), at 4,644.75

  • Dow Futures (YM = F): +56.00 points (+ 0.16%), at 35,437.00

  • Nasdaq Futures (NQ = F): +3 points (+ 0.02%) to 15,983.00

  • Raw (CL = F): + $ 0.32 (+ 0.45%) to $ 71.44 per barrel

  • Gold (CG = F): + $ 1.30 (+ 0.07%) to $ 1,790.00 per ounce

  • 10-year cash flow (^ TNX): -0.8 bps for a yield of 1.4790%

6:10 p.m. ET Tuesday: Open equity futures were little changed

Here’s where the markets were trading when the overnight session started Tuesday night:

  • S&P 500 Futures Contracts (ES = F): +1 point (+ 0.02%), at 4,641.75

  • Dow Futures (YM = F): +19.00 points (+ 0.05%), at 35,400.00

  • Nasdaq Futures (NQ = F): -1.75 point (-0.01%) to 15,978.25

Photo by: NDZ / STAR MAX / IPx 2021 12/16/21 Atmosphere on the New York Stock Exchange (NYSE) on December 16, 2021 in New York City.

Emily McCormick is a reporter for Yahoo Finance. Follow her on twitter