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Stock Rally Powered by Vaccine Optimism Slowing Down as Virus Spreads
Posted
November 17, 2020
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November 17, 2020
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1:49
2:15Now PlayingStocks pulled back from record highs as investor focus turned to the surge in virus cases and new lockdown measures, overshadowing optimism that Covid-19 vaccines will eventually end the pandemic.
Energy producers and financial firms were among the worst performers on the S&P 500 Index. Tesla Inc. jumped after an announcement that Elon Musk’s carmaker will join the benchmark U.S. gauge. Travel and leisure companies led declines in Europe. Treasury yields dipped along with the dollar as U.S. retail sales data for October missed estimates.
Cheapest U.S. stocks are favored after turning tables on momentum-driven shares
Investors are taking a pause after sending stocks to all-time highs Monday in the wake of news that Moderna Inc.’s vaccine was shown to be 94.5% effective in a clinical trial. Wide distribution of a shot is still months away, and cases are spreading quickly in Europe and the U.S. Angela Merkel warned that the situation in Germany remains “very serious” while President-elect Joe Biden said that further delays in the handoff from President Donald Trump risk increasing the death toll.
“Markets find themselves in a seemingly awkward moment as they attempt to weigh the near-term Covid trends and the potential for a very tough few months for the economy against the optimism and progress around vaccine development,” said Yousef Abbasi, global market strategist at StoneX.
Elsewhere, Asian stocks were slightly higher. The pound rose on signs the U.K. and European Union are nearing a breakthrough on Brexit as early next week.
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