The S&P 500 rose 2.2 percent to a record high last week even as the COVID-19 pandemic continued to rampage across the US.
According to data from John Hopkins University, the US surpassed 11 million COVID-19 cases on Sunday. It set a new record-high number of patients hospitalised with the disease on Saturday.
"We are in the worst moment of this pandemic to date. The situation has never been more dire," Michigan Governor Gretchen Whitmer said on Sunday in announcing new restrictions, one of several states to do so in recent days.
Expectations for the release of a vaccine soon kept the stock market rally going though after Pfizer reported early last week that their COVID-19 vaccine was more than 90 percent effective in preventing the disease.
While a vaccine could indeed help the economy recover, experts cautioned that it may take a while for it to actually become available.
And then there is the view of Bank of America that investors should actually sell upon the vaccine’s availability.
"We are sellers-into-strength into vaccine [rollout] in coming months," it said on Friday.
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