Despite the highest inflation reading in nearly 40 years, the stock market moved higher on Friday.
The markets moved higher after the bad inflation data.
Richard Drew is an Associated Press photographer.
The S&P 500 gained 0.6%, while the Dow Jones Industrial Average rose 0.4%.
After the first case of omicron was reported in the United States last week, markets took a hit, but have recently bounced back as investors grow less fearful about the Covid omicron variant.
Consumer prices rose 6.8% in the 12 months ending in November, which is the highest inflation rate in 40 years.
Some investors who expected inflation to go up were relieved by the news and sent stocks up, while others are still optimistic about the economy.
The shares of at- home fitness company Peloton fell over 2% on Friday, a day after they lost 2%, after the company said it would cut jobs.
Moderna's stock fell over 10% as investors await more data and updates on the efficacy of the company's Covid treatments against the omicron variant.
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The omicron variant led to a sell-off last week, but stocks are on track for a solid weekly rebound. The three major indexes have risen by around 3% or more so far this week as investor concerns about the new variant have been alleviated by news that vaccines are effective against it.
The quote is crucial.
The inflation print from this morning will reinforce the Fed's resolve to accelerate the pace of the reduction in staff. He says that with the strength in the economic recovery, it is time to take the crutches away.
What to watch for.
The new omicron variant is causing major volatility and complicating the inflation outlook, says Ryan Detrick, chief market strategist for LPL Financial. He is optimistic that stocks will finish the year on a good note despite the challenges facing the markets.
Inflation hit a 40-year high in November.
The stock market rallied for a second day, as investors shook off their Omicron Fears.
Wells Fargo predicts that a vaccine maker can dominate the covid market for years to come.
The number of Americans filing for new unemployment benefits is at a 52 year low.
