Wednesday, 2 December 2020

S&P 500, US COVID-19 hospitalisations hit record high

Markets rose on Tuesday.

The S&P 500 rose 1.1 percent to a record high, the STOXX Europe 600 rose 0.7 percent and the Shanghai Composite jumped 1.8 percent.

Analysts were optimistic, with Mark Haefele, CIO of UBS Global Wealth Management, seeing “further upside for global equities in this environment” while Tom Lee of Fundstrat Global Advisors wrote that “December looks like it will be a very strong finish for 2020”.

However, with COVID-19 infections still soaring in the US and hospitalisations hitting a record high of nearly 96,000 on Tuesday, Credit Suisse’s chief US equity strategist Jonathan Golub suggested that investors wait until after December before putting more money into the market.

“They’re a reasonably decent headwind for things like Christmas sales, which are really important,” said Golub.

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