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Bob Carey
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  US Stock Markets Ended Nov. 20, 2020
Posted Under: Weekly Market Commentary

 
The weekly decline in the S&P 500 with hints of daily positivity defined the week before Thanksgiving. Positive vaccine trails from Moderna and Pfizer were the focus earlier in the week as both companies announced efficacy of around 95% and are seeking to fast track its manufacturing and distribution. The good news of the future was met with the reality of the past. The impact of the shutdowns on businesses over a range of industries are putting pressure on Congress to work with Treasury Secretary Mnuchin on a second stimulus in the form of a lending program and monetary assurances. This has been a point of partisan contention for months and has only been complicated by the perceived inconclusive election results dogging the current administration. On Friday, Georgia's Secretary of State certified the state's election results after completing a hand audit of over 5 million ballots. The Georgia governor now has until Saturday to approve the state's electors. President Trump will in turn have until Tuesday to request a recount. Back on Capitol Hill, Twitter and Facebook CEO's faced a range of questions by the Senate Judiciary Committee about how the two companies handled political content during the election cycle. As the hearing concluded, some of the members of the committee also commented on the absence of tech heavyweights Amazon and Google. Looking ahead to next week, investors will get a gauge on the economy as initial jobless claims will be released on Wednesday before Thanksgiving.
Posted on Monday, November 23, 2020 @ 8:16 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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