Last week was a shorter week in the market with the Thanksgiving holiday and early market close on Friday. All major stock market indices ended positive with more coronavirus-vaccine news. This propelled the Dow Jones up over 30,000 for the first time, as well as record highs for the S&P 500 and Russell 2000.
Investors responded positively to the nomination of Janet Yellen, former Fed Chair as treasury secretary. If confirmed by the Senate, Yellen will be tasked with revitalizing the economy.
Holiday shopping officially kicked off this week. The National Retail Federation forecasts 750 billion spent this holiday season which will be an increase over 2019 despite social distancing measures. It is likely that online shopping will increase 20-30% this year, making up 1/4 of all sales.