The S&P 500 rose 1.2 percent last week, fuelled by optimism over a coronavirus vaccine and hopes of a post-pandemic economic recovery.
In the meantime, though, the number of COVID-19 cases in the US and the rest of the world have continued to surge.
The total number of cases worldwide crossed 14 million on Friday as the World Health Organization reported a record increase of 237,743 cases.
This was followed by another record rise of 259,848 cases on Saturday, with the biggest increases coming from the US, Brazil, India and South Africa.
The largest increase came from the US, with 71,484 new cases. The total number of deaths in the country passed 140,000 on Saturday.
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