Equity markets looked past historically bad employment data and ended the week in positive territory. The S&P 500 rose 3.5%, and the Russell 2000 and Nasdaq were both up over 5% for the week. While I am ecstatic that the markets are coming back with such ferocity I remain cautious. I have broken down what you need to know from the week that was categorized by old sitcoms, hopefully it adds some levity.
Temporary lay offs. Good Times.
Thursday, Friday, Happy Days
Health news is pushing markets higher. Stocks rose on Thursday and Friday following an announcement that pharmaceutical company Moderna’s potential COVID-19 vaccine is moving quickly to a phase 2 and, potentially, a phase 3 trial. The positive reaction was similar to last week’s encouraging news about a potential therapeutic from Gilead. Market optimism could be tested, however, if negative results emerge from the dozens of vaccine and therapeutic trials currently underway. Technology stocks have been clear near-term winners, the Nasdaq is now positive for the year.
Danger Will Robinson!
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