Yesterday, U.S. stocks rose after promising results on a Covid-19 vaccine bolstered hopes for an economic rebound in 2021.
The University of Oxford and AstraZeneca declared their vaccine was believed to be as much as 90% effective in preventing infections without serious side effects in a large trial. The results added to optimism among investors that the deployment of effective vaccines can help bring corona virus under control next year, allowing beaten-down sectors of the economy to recover.
Preliminary data showed U.S. business activity accelerated in November to a more than five-year high despite a surge in corona virus infections and tightening restrictions. The data from IHS Markit, based on surveys of purchasing managers, showed both manufacturing and services activity remained in expansion territory.
The U.S. reported 142,732 new cases of corona virus on November 22 and registered a record number of hospitalizations for the 13th straight day. Reported case counts are generally lower over the weekend, and the country’s rolling seven-day average continues to climb.
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