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The Market Wrap for July 24: Vaccine Hope Drives the Market Higher

Aaron Levitt Jul 24, 2020

If there is one driving force behind the markets over the last few months, it has to be the spread of the COVID-19 crisis. More than anything, news and data related to the number of corona cases and its effect on the economy have produced plenty of volatility. This week was no different. Traders continued to grapple with the rising number of cases, with potential positive future outcomes about the virus. This week, the hopeful focus was driven by several vaccine plans that continue to be promising.

While the potential for a vaccine or cure for the coronavirus may still be at hand, traders continue to face geopolitical fears. Rising tensions with China once again came to the forefront this week, creating plenty of caution on the street.

As did the mixed data and earnings picture. With the start of earnings season underway, the first real full quarter inside the pandemic is starting to paint a murky and mixed picture. Meanwhile, continued dwindling data helped put the brakes on stocks’ rallies.

In the end, the market continued its ebb and flow as traders viewed the uncertainty with caution.

Be sure to check out our previous Wrap here, when the start of earnings season brought more volatility.

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