To The Moon

The Singapore stock market has tracked higher in two straight sessions, gathering almost 35 points or 1.1 percent along the way. The Straits Times Index now sits just beneath the 3,140-point plateau and it's expected to remain in that neighborhood again on Thursday.

The global forecast for the Asian markets is murky following reports that the Omicron variant of the coronavirus has fueled a worldwide spike in the illness. The European and U.S. markets were mixed and little changed and the Asian markets figure to follow that lead.

The STI finished modestly higher on Wednesday following gains from the financials, industrials, properties and plantations.

For the day, the index gained 9.61 points or 0.31 percent to finish at 3,138.02 after trading between 3,132.87 and 3,140.52. Volume was 868.1 million shares worth 450.1 million Singapore dollars. There were 274 gainers and 156 decliners.

Among the actives, Ascendas REIT jumped 1.02 percent, while CapitaLand Integrated Commercial Trust added 0.49 percent, City Developments gathered 0.74 percent, Dairy Farm International tumbled 1.72 percent, DBS Group rose 0.09 percent, Genting Singapore surged 1.29 percent, Keppel Corp gained 0.39 percent, Mapletree Logistics Trust spiked 1.07 percent, Oversea-Chinese Banking Corporation collected 0.18 percent, SATS fell 0.26 percent, Singapore Airlines perked 0.60 percent, Singapore Exchange dipped 0.21 percent, SingTel sank 0.85 percent, Thai Beverage and Yangzijiang Shipbuilding both climbed 0.76 percent, United Overseas Bank and Jardine Matheson both advanced 0.56 percent, Wilmar International soared 1.21 percent and Hongkong Land, Mapletree Commercial Trust, Singapore Press Holdings, Singapore Technologies Engineering, SembCorp Industries and Comfort DelGro were unchanged.

The lead from Wall Street provides little clarity. All three of the major averages opened higher on Wednesday, and the Dow stayed that way throughout. The NASDAQ quickly turned lower and finished slightly under the line. The S&P 500 bounced back and forth and ended slightly in the green.

The Dow advanced 90.42 points or 0.25 percent to finish at 36,488.63, while the NASDAQ dipped 15.51 points or 0.10 percent to close at 15,766.22 and the S&P rose 6.71 points or 0.14 percent to end at 4,793.06.

Traders seemed reluctant to continue making significant moves following recent strength in the markets, which has helped stocks recover from the sell-off seen in reaction to initial reports about the Omicron variant of the coronavirus.

While Omicron has contributed to a surge in new coronavirus cases around the world, traders seem optimistic that the milder symptoms associated with the new strain will not lead to a significant economic slowdown.

On the U.S. economic front, the National Association of Realtors noted an unexpected pullback in pending home sales in November.

Crude oil prices moved higher Wednesday, extending recent gains after the Energy Information Administration said U.S. crude oil inventories fell more than expected last week. Crude oil for February delivery climbed $0.58 or 0.8 percent to $76.56 a barrel.