Global stocks surged over the week on news of highly effective vaccine results with US stocks ending the week at a new record high. The S&P 500 rose 2.2% and the Dow surged 4.1% for the week. Abroad, the FTSE All World Ex US climbed 2.9% for the week. The yield on the 10-year Treasury rose over the week to end at 0.89%.
Results from a vaccine candidate from Pfizer showed 90% effectiveness, much higher than anticipated.
Coronavirus hospitalizations set a new record on Wednesday, while a record 150,00 new cases were reported on Thursday.
New US jobless claims fell to their lowest level since March at 709,000.
With most S&P 500 companies reporting earnings, analysts project profits fell 7.5% from a year earlier, much better than the expected 21% drop.