The blue-chip Dow rose 11.8% in November, its best monthly performance since January 1987, as promising vaccine developments boosted confidence of a smooth economic reopening. The S&P 500 and the Nasdaq climbed 10.8% and 11.8%, respectively, in November, their biggest monthly advances since April.
“The length and strength of the current rally suggests to us that the market could be vulnerable to some pullback at these levels,” wrote John Stoltzfus, chief investment strategist at Oppenheimer Asset Management. “That said, the bull market that has emerged from the lows on March 23rd of this year has shown similarities to its predecessor … in having a predilection to climb walls of worry aided and abetted by monetary policy and secular trends deeply embedded in technology and globalization.”
Cyclical sectors, those most economically sensitive groups, led the market’s November rally amid a slew of positive vaccine news. Energy, 2020′s biggest loser, jumped 26.6% this month, while financials, industrials and materials all gained at least 12.2% during this period.
Read more at CNBC.
{Matzav.com}
