November 20, 2020
On Monday, the S&P 500 started off by making a new daily closing high, but the index declined slightly for the week. The Dow Jones Industrial Average made an intraday high and closing high on Monday, nearly touching the 30,000 mark for the first time. The small cap Russell 2000 Index also made new highs this week. The market initially rallied on news from Moderna that their COVID-19 vaccine trail was successful with 94.5% effectiveness. Later in the week Pfizer/BioNTech updated their data showing 95% effectiveness. Today, both companies applied for emergency use authorization with the FDA. Both companies expect approval of their vaccines as soon as mid-December. Next week should be fairly quiet, with the markets closed on Thursday for Thanksgiving and open only until 1pm on Friday. Our next Market Recap will be posted the following week on December 4th. We thank you for your continued trust and support, and we hope you have a great Thanksgiving. To learn more about our financial planning subscription service, please call (937) 435-2742.
Ryan P. Johnson, CFA, CFP®
Director of Portfolio Management & Research