Shares of banks and other lenders and money managers gave back some of their recent gains as volatility picked up in global stock markets.
The initial euphoria about a decisive election and vaccine developments faded Wednesday as investors confronted rapidly growing Covid-19 cases in the U.S.
The likely approval of a vaccine will continue to give the broad Standard & Poor’s 500 a jolt, and the index is set for two years of substantial gains, said strategists at brokerage Goldman Sachs Group, in a note to clients.
“The S&P 500 has returned 10% year to date,” the Goldman strategists noted.
“This 2020 advance is remarkable considering the volatile path it took: a pandemic-triggered 34% bear market plunge [late in the] first quarter, dramatic Fed intervention, a global economic shutdown, followed by a 59% rally from the March low.”
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(END) Dow Jones Newswires
November 11, 2020 16:50 ET (21:50 GMT)
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