US stocks gained over the holiday shortened week ending at a record high on optimism over vaccines for COVID-19. The S&P 500 rose 2.3% and the Dow climbed 2.2%, crossing the 30,000 point level, for the week. Abroad, the FTSE All World Ex US gained 2.2% for the week. The yield on the 10-year Treasury was flat for the week ending at 0.84%.
AstraZeneca reported their vaccine was up to 90% effective in clinical trials and would not need to be transported below freezing. It’s the third vaccine found to be highly effective against COVId-19.
US business activity reached its highest level in more than five years.
Initial jobless claims rose for a second straight week to 778,000. It’s the first time it’s risen over two straight weeks since July.