Featured Market Data
Stocks Soar Despite Virus Risks
U.S. stock prices soared in November with news that several Covid-19 vaccine candidates may be highly effective coupled with a reduction in U.S. election uncertainty. Stocks were also aided by stronger corporate profits. Together, these factors propelled the S&P 500 index up nearly 11 % following two consecutive months of decline. Optimism also helped spark a rotation from growth stocks to value. Previous market rallies this year were driven primarily by large technology stocks. November’s 18% gain in the Russell 2000, displays the strong returns generated by small and mid-cap stocks. Nonetheless, other risks were building during the month. These included worsening coronavirus trends across the U.S., new restrictions to curb the spread of the virus and disagreement in Washington over new fiscal stimulus.
Source: Wall Street Journal, Bloomberg
Recent News
Black Friday Goes Online
Online spending jumped 22% compared to Black Friday sales in 2019 according to Adobe Analytics. Meanwhile, roughly half as many people visited stores according to research firms that track foot traffic. Black Friday was a continuation of a trend that seems increasingly entrenched in consumer behavior. Retailers like Amazon and big box chains with robust e-commerce operations have been the beneficiaries. Adobe Analytics reported that hot items included Hot Wheels, Lego sets, Apple Watches and Amazon Echo devices. As a sign of the times, grocery shopping, personal care products and spending on pet products also rose substantially from a year ago.
Source: Wall Street Journal, www.cnbc.com
