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Stocks faced plenty of swings this week, but generally trended higher on the continued good news. The election of Joe Biden and new coronavirus vaccines were the main sources of gains. The hope remains that the combination of a Biden stimulus boost as well as new vaccines to combat the virus will continue to move the economy forward and overcome the worst of the virus.
However, the week was fraught with volatility. New moves by the outgoing Trump Administration toward China reignited worries about a trade war, while rising COVID-19 cases put pressure on state lawmakers to once again start lockdowns. Meanwhile, data remained mixed as unemployment remains high and other measures of economic activity dwindle. Consumer data also remained mixed during this critical holiday shopping period.
The corporate world also remained a mixed bag this week as several high-profile earnings reports flattered, as did some major layoff reports from pandemic-hit industries, including the suffering airlines. Nonetheless, Merger Monday lived up to its name with several high-profile deals helping to buoy the market.
Overall, the market saw big swings and moved higher on the week to hit several record highs.
Be sure to check out our previous Wrap here, when light volume and the Thanksgiving holiday sent stocks rising.