There’s the old saying that if at first you don’t succeed, try, try, and try again. After positive vaccine news from Pfizer (PFE) on November 9th helped to push the S&P 500 and the Nasdaq to new highs, the major averages couldn’t hang onto those gains. If it didn’t work the first time, though, maybe news this Monday that Moderna’s (MRNA) vaccine was even more effective would do the trick. Markets rallied again, but once again couldn’t hang on to the gains. Throughout this week, there were more positive vaccine headlines, but each booster shot was less effective. The result? While equities closed out the week right near all-time highs, they’ve essentially been rangebound for the last two weeks as well as the last two and a half months.
Since Pfizer’s positive vaccine news before the open on 11/9, the S&P 500 and Nasdaq have essentially been on a treadmill with a number of swings up and down, but really nothing to show for any of it. Investors just can’t seem to make up their minds at this point between placing more emphasis on the shorter-term concerns of rising COVID hospitalizations or the positive long-term impacts of viable vaccines. Decisions. Decisions. We discuss all the latest trends in the market and the economy in this week’s Bespoke Report.
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