European and U.S Indices extended their overnight gains on the hope that a proper vaccine will be in place by the end of this year and distributable on a mass scale in early 2021. Vaccine approval would be great for global equity markets as individuals everywhere would like to return to their pre-COVID-19 routines. A vaccine would go along way to allow this to happen. European Indices ended Monday with solid gains of +1.5%, about 0.5% off their earlier highs. However the U.S Indices turned negative in the last hour of trading in what turned out to be a dramatic session for the NASDAQ 100, which earlier made a new all-time high at 11070 before falling 550 points into the close for a significant Downside Key Day Reversal, closing at 10606. The sell-off happened on the news that California would close all operations for bars, including takeout. The State also closed operations for Gyms, Cinemas and Museums. This announcement is sparking more fears of wider shutdowns across America which could hamper economic recovery. The NASDAQ ended the day lower by 2.16%. Elsewhere, both Gold and the Dollar closed lower whole Oil fell 2.10% on reports that OPEC was considering increasing production.
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