US stocks drifted higher to more records on a holiday-shortened day of trading.

The S&P 500 rose 0.3%. The Dow Jones Industrial Average climbed 0.6%, and the Nasdaq composite edged up 0.2%.

Markets closed early for Christmas Eve and will remain closed for Christmas Thursday.

Investors’ focus is on the U.S. economy’s direction and Federal Reserve interest rate policy.

Unemployment claims fell last week, indicating a still-healthy labor market.

Dynavax Technologies soared after French pharmaceutical company Sanofi said it would buy the vaccine maker.

On Wednesday:

The S&P 500 rose 22.26 points, or 0.3%, to 6,932.05.

The Dow Jones Industrial Average rose 288.75 points, or 0.6%, to 48,731.16.

The Nasdaq composite rose 51.46 points, or 0.2%, to 23,613.31.

The Russell 2000 index of smaller companies rose 6.96 points, or 0.3%, to 2,548.08.

For the week:

The S&P 500 is up 97.55 points, or 1.4%.

The Dow is up 596.27 points, or 1.2%.

The Nasdaq is up 305.69 points, or 1.3%.

The Russell 2000 is up 18.66 points, or 0.7%.

For the year:

The S&P 500 is up 1,050.42 points, or 17.8%.

The Dow is up 6,186.94 points, or 14.5%.

The Nasdaq is up 4,302.51 points, or 22.3%.

The Russell 2000 is up 317.92 points, or 14.3%.