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Market Recap (December 21 2020)

December 21, 2020
The markets returned to positive territory last week. The NASDAQ led the way with a return over 3% while the Dow and S&P 500 returned 0.5% and 1.3% respectively. Optimism centered on the possibility of a COVID-19 relief package deal, although the failure to reach agreement by Friday did cause the markets to dip negative for the day.
In other news, Moderna was the second vaccine manufacturer to be granted emergency approval for use. At least two other vaccines have completed clinical trials and may be evaluated as early as January. The approval of these vaccines brings promise of an end to the pandemic, but concerns do remain around the quantity of doses available and the logistics in delivering the vaccine to all Americans.
Over the weekend Congress came to an agreement over a second COVID-19 relief package. Valued at over $900 billion, the package includes another round of stimulus checks, extended unemployment benefits and relief for small businesses.
The next two weeks are shortened trading weeks with the Christmas and New Year's Holidays. This will also be our last edition of our weekly newsletter for the year. We'll be back the first week of January. In the meantime, we wish you and your families the very happiest of holidays!