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Bob Carey
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  US Stock Markets Ended Nov. 27, 2020
Posted Under: Weekly Market Commentary

 
Equity markets closed a Thanksgiving holiday shortened week sharply higher. The S&P 500 closed 2.3% higher as the value-oriented reopen trade continued last week. The S&P 500 Value index was up 2.84% while the S&P 500 Growth index returned 1.51%. Energy and financials fueled the value index outperformance. On Monday, AstraZeneca Inc. released their COVID vaccine phase 3 trial data that showed a 70% efficacy. This is the third such vaccine announcement in as many weeks joining Pfizer and Monderna. The odds of shortening this COVID pandemic continues to grow with three extensive studies diversifying any potential vaccine data setbacks in the future. On Wednesday, the Oil rallied 8% last week which buoyed energy as the top performing sector. Energy giants Occidental Petroleum Corp., Apache Corp. and Pioneer Natural Resources Co. were all in the top 10 performing stocks in the S&P 500 returning more than 14% last week. These energy names are literally helping to fuel the reopening of the U.S. economy. Cruise lines Carnival Corp and Norwegian Cruise Line Holdings LTD both rallied more than 14% after raising more capital to solidify their equity stakeholders. Equity markets also celebrated news that a Biden administration would likely nominate former Fed Chair Janet Yellen for its Treasury Secretary cabinet position. This put to bed prior rumors that Senator Elizabeth Warren might be on the short list for that nomination. Markets breathed a sigh of relief as bankers remember Senator Warren spearheading the development of the Consumer Financial Protection Bureau and uncertainty that might come along with that line of government policy. Looking ahead as the year winds down, 2020 has been a year marked by a global pandemic and the steepest economic contraction since the Great Recession, yet equity markets have proved resilient. Since 1950 there have been only five -30% drawdowns in the S&P 500 in a calendar year. If the gains in 2020 hold, it would mark the first time there was a full retracement of the drawdown in the same calendar year.
Posted on Monday, November 30, 2020 @ 8:14 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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