U.S. Equity Markets ended the week on a high note, finished the day higher, with the S&P and Dow both closing higher by 1.37%. Even though Coronavirus cases are still an area of concern, National Institute of Allergy and Infectious Diseases Director Dr. Anthony Fauci said COVID-19 “won’t be a pandemic much longer,” thanks to recent vaccine progress. In terms of economic data, Consumer Sentiment unexpectedly fell in November. The “expectations” index weighed on sentiment, with many respondents citing rising COVID-19 cases as a reason for the pessimism. The Dow Jones Industrial Average outperformed on Friday, as investors resumed their rotation out of high-flying stocks and into value stocks. European Indices also ended the week in positive territory. Euro-Zone Preliminary Third-Quarter Gross Domestic Product data were in line with expectations, indicating a record rebound prior to recent lockdowns. European Central Bank President Christine Lagarde said while she is optimistic about recent Coronavirus vaccine news, she is worried about near-term economic output. French Prime Minister Jean Castex said he would not give into pressure after Coronavirus infections eased by ending the country’s 30-day lockdown early. ECB Governing Council Member François Villeroy de Galhau said the central bank will adjust its monetary policy in December to combat low inflation and weak economic activity. Elsewhere, Oil closed 2.36% lower on continued demand concerns as COVID-19 cases rise, while Gold closed 0.67% higher on Dollar weakness.
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