Market Recap Week Ending December 18th
The week in review…Dow +133 or +0.4% Nasdaq +378 or +3.1% and the S&P +46 or +1.3%. The themes from last week lingered into the one just concluded. The fallout of Americans traveling post Thanksgiving hit with full force with record numbers of daily infections and deaths. The Senate and their inability to pass another stimulus bill continues to call into question the existence of the Senate as an institution (of the 100 members of the Senate, 70 Senators represent 30% of the U.S. population)…Retail sales were worse than expected and jobless claims continued to increase at a worrying pace after bottoming out December 3rd. The cherry on top will be that absent a deal this weekend, the Federal government will be shut down when the market opens Monday morning…On the bright side, the Pfizer vaccine began to be distributed across the nation and vaccinations have commenced among those at greatest risk. Yesterday, a second vaccine from Moderna (MRNA), was granted Emergency Use Authorization and should receive final approval from the FDA later today; 5.9 million doses should begin to ship this weekend…On Tuesday we will be monitoring Consumer Confidence, on Wednesday Consumer Spending and Core Inflation, and of course we will be watching with bated breath over the weekend for any developments on the stimulus and government funding bills….The markets will be open on Christmas Eve but closed on Friday, Christmas Day.
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Disclaimer: This is not a recommendation to buy or sell any of the securities listed above. I personally, or a family member whose account I control, have positions in the following securities…AMZN, AAPL, Bitcoin (physical), Chainlink (physical), GBTC, GOOGL, LAZR, MSFT, NFLX, TSLA, and VLDR.