Thank you November!
November turned out to be a great month for stocks. The S&P500 and the Nasdaq both reached all-time highs while the Dow Jones Industrial Average (DJIA) had its best month since 1987. Global equities in general had their best month since 1988. December started off good with the S&P hitting another record high. The best-performing stocks were the cyclical and value stocks such as oil/ energy, financials, industrials, and transportation. Thanks to recovering economy of China, the U.S., and Europe. It must be noted however that the U.S. and European economic recoveries has slowed due to increasing COVID-19 infections and the set economic restrictions to combat the former. Although there was good news on Wednesday that the world’s first COVID-19 vaccine was approved for emergency use in the U.K., it did not move the market as may have been expected. Markets were flat mid-week but started ticking back up in the end of the week.