Dear Clients and Friends,
The market had a very good week with the announcement of a very successful vaccine candidate from Pfizer. Hopefully this puts an end date on COVID and the related restrictions. The sectors that have been particularly hard hit this year because of the closures finally showed some signs of recovery on this news with many of the value sectors having a strong week.
Unemployment continues to improve with the headline rate coming in at 6.9% last week and this week’s numbers continuing to show decreasing new jobless claims at about 710,000. Continuing claims also dropped by about half a million. There is little movement on a stimulus package, but it may not be needed with the economic conditions continuing to improve. If we do get one, then that may just be a bonus at that point.
We are continuing to do our small buys and now that there is a light at the end of the tunnel for two of our major worries, we are very optimistic as long as the Fed stays accommodative.
Feel free to reach out to us if you have any questions or concerns.
Have a great weekend!