Message from Jon
As we are all preparing for this holiday and year-end festivities, the markets are also digesting headlines. We have an impending vote on another round of stimulus in the US of 900B. That is about 100B more than was voted on in 2008 and 300B that was actually dispersed. This time however, it is not to banks but to households and businesses directly and is anticipated to have a more timely, urgent and instant impact to recipients in need.
Also, across the Atlantic, the UK is fighting a mutated strain of COVID-19. This is causing many to jump to conclusions around the world as the UK is halting holiday travel plans.1
The good news is that Moderna's vaccine is being injected today as a beginning to what many are hoping is a rapid vaccination that will spread across the US.1
In all, there is light trading volume and heavy headlines which may cause the markets to sway more than expected in the near term, but outlooks for 2021 are still positive and supportive of economic recovery, stimulus plans and vaccinations, leading to a good year. Our expectations are that Wall Street will look through the year-end chaos and headlines and once again, remain optimistic even if the average investor doesn't.
Keep in mind, despite 2020 being a year many of us would love to forget, we are alive! Stop and be thankful for those who are and remember those who have passed during your holiday. Despite not being a "normal" holiday season, consider the alternative and say THANK YOU for those you love, those who love you and for all you have. It could always be worse...and I for one am glad it's not!
Till we speak again, Happy Holidays!
Vaccine Rollout Spurs Markets
WEEKLY UPDATE - DECEMBER 21, 2020
The Week on Wall StreetStocks climbed higher amid the COVID-19 vaccine rollout and an improving outlook for a fiscal stimulus bill. The Dow Jones Industrial Average, which has lagged all year, gained 0.44%. The Standard & Poor's 500 picked up 1.25% while the Nasdaq Composite index surged 3.05%. The MSCI EAFE index, which tracks developed overseas stock markets, rose 2.44%.