In the biotech space, Dynavax Technologies DVAX soared more than 30% from its converged 50-day and 200-day moving averages following news it's being acquired by Sanofi SNY. Sanofi will pay $2.2 billion in cash, or $15.50 per Dynavax share. Dynavax has vaccines for hepatitis B and a vaccine candidate for shingles.

The Dow Jones Industrial Average rose 125.75 points, or 0.26%, to 48,568.16, supported by strength in select consumer and industrial names. The S&P 500 edged up 0.08% to 6,915.23, hovering just below its intraday all-time high.

Here's the technical definition: "The 'Santa Claus Rally' is the last five trading days of the year plus the first two of the new year. This year it begins on the open on December 24 and lasts until the second trading day of 2026, January 5."

The Dow Jones index and the S&P 500 rise, aided by tech stock. Novo stock soared on FDA approval for a weight-loss pill.

Wall Street closed higher on Tuesday for the fourth consecutive day supported by the strong momentum of artificial intelligence (AI) trade. Economic data released yesterday were mixed. All three major stock indexes ended in positive territory.

Major stock indexes surged Thursday after delayed Consumer Price Index data came in better than expected, with the blue-chip Dow Jones Industrial Average and benchmark S&P 500 poised to end four-session losing streaks.

The Dow Jones Industrial Average and other major stock indexes finished higher Monday, brightening prospects for a so-called Santa Claus rally to wrap up the year. AppLovin APP, Nvidia NVDA, and Tesla TSLA were among the winners on the stock market today, but a utility slumped following a policy pause by the Trump administration.