S&P 500 hits record as COVID-19 vaccines beckon

The S&P 500 rose 2.3 percent last week, closing on Friday at a record high.

Investors shrugged off the continuing rise in COVID-19 cases in the US. As of Saturday evening, more than 138,000 new cases and 1,100 deaths had been reported, according to Johns Hopkins University.

Instead, investors focused on the hope that vaccines will be rolled out soon.

Indeed, on Friday, the Federal Aviation Administration announced that it has supported the “first mass air shipment” of a COVID-19 vaccine.

Meanwhile, investors also can look forward to the historically-positive year-end period for the stock market.

Capital Wealth Planning’s Jeff Saut told CNBC last week that the S&P 500 could hit 4,000 before year-end.

“Earnings are going to continue to come in better than most people think,” he said.