“The market may be getting tired from its very strong November and simultaneous all-time highs (DJIA, S&P and Russell 2K), which could push the benchmarks into a traditional mid-December low,” said Sam Stovall, chief investment strategist at CFRA Research.
The rapid pace to a coronavirus vaccine has given investors the confidence to price in a return to normalcy and faster economic growth, helping lift shares of companies that were hardest hit by the pandemic.
Over the weekend, Surgeon General Jerome Adabitcoin
ms said the federal government hopes to quickly review and approve requests from two drugmakers for emergency approval of their covid-19 vaccines.
“November has been such an unbelievable move up,” said Andrew Mies, chief investment officer of 6 Meridian. “All that is being driven by the vaccine.”
Shares of Moderna surged 20 per cent on Monday after the company said it plans to request clearance for its coronavirus vaccine in the US and Europe.
The risk-on mood across markets has hurt demand for haven assets. Gold posted its largest monthly decline in four years. Even after gaining on Monday, the dollar slumped 2.4 per cent in November.
Oil edged lower in New York. OPEC+ began two days of potentially complicated talks to hash out the size of its oil-production cuts next year, with the group’s president calling for caution in a fragile market.
Bitcoin took less than three years to replicate the euphoric ascent that catapulted the cryptocurrency into the mainstream consciousness. The world’s largest digital asset rose as much as 8.7 per cent, to $19,351, according to data compiled by Bloomberg.
It traded at a few cents for several years after its late 2008 launch by an unknown software developer in the wake of the global financial crash.
