U.S. Equity Markets took a breather yesterday, finishing the day mixed. The Dow closed 0.9% higher while the NASDAQ 100 continued Monday’s reversal, closing lower by 1.74%. After Monday’s positive vaccine news, focus shifted to how Pfizer and BioNTech would distribute the vaccine and how soon the general public could get the shot. But there are still COVID-19 concerns… The Federal Reserve warned the country could still face a wave of defaults, and asset prices could weaken should Consumer Sentiment and the economy begin to weaken. Federal Reserve Bank of Dallas President Robert Kaplan also expressed caution on the growth outlook. Kaplan said he anticipates 3.5% economic growth for all of next year. That is slightly below the FOMC’s forecast of 4% growth. He added that growth in the Fourth Quarter of 2020 could be hurt by rising COVID-19 cases. Economic data were positive after Job Openings data showed that businesses are still looking to hire and that layoffs are slowing. This is a good sign for the labour market’s recovery. Meanwhile, European Indices gained. The European Union said it would impose $4 billion worth of tariffs on U.S. imports but was hopeful the trade relationship would improve under President-elect Joe Biden. German Health Minister Jens Spahn said he expected the country to sign an agreement with Pfizer and BioNTech to purchase doses of a COVID-19 vaccine “in the coming days.” French Finance Minister Bruno Le Maire said the government is ready to increase spending to support businesses as it deals with a second lockdown. Oil rallied on speculation the approval of a COVID-19 vaccine will usher in a return to “normal,” supporting demand and prices, closing higher by 2.65%, while Gold closed 0.95% higher after Monday’s sharp $100 sell-off.
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