Moving on Up - It's a chess game
Stocks hit record highs this past week after stronger than expected jobs report that showed 531,000 jobs added in October and a revised gain of 312,000 in September. Pfizer's claims its new Covid-19 pill reduces the risk of hospitalization and death by 90%. It was up significantly after this announcement. It also helped to boost travel and entertainment related stocks as a result. For the week, the S&P 500 gained 2%, pushing its year-to-date gains to 25%, the Dow added 1.4%, and the Nasdaq rallied 3.1% for its best weekly showing since April.
Are we entering a year end of accelerated up in the markets? It appears so. Volatility is always in play.