Glum End To Explosive Week As Vaccine/election Rally Runs Out Of Steam

Glum End To Explosive Week As Vaccine/election Rally Runs Out Of Steam

Spreadex  | Nov 13, 2020 09:33

More than a week after the election, and a few days out from the Pfizer (NYSE:PFE) vaccine headlines, the market’s most recent rally appears to have come to an end.

While the markets have been given the two most positive news items of 2020 in the space of a week, they still fall under the dark cloud of covid-19. Which means, once the dust has settled on things like the election and the vaccine update, investors are left grappling with surging daily cases, rising deaths, and a continued assault on the global economy.

That explains the glum, if not outright negative, tone of trading this Friday. Thanks to a 1% drop by Brent Crude, leading BP (LON:BP) and Shell (LON:RDSa) lower, alongside a rebound from the pound, the FTSE was the session’s worst performer. Slipping 45 points, the index is desperately holding onto that 6,300 mark, though it would only take the slightest shift to send it below that level.

Things were better in the Eurozone, where the DAX fell 0.3%, and the CAC dipped a mere handful of points – this despite France announcing a further 2-week extension to its current lockdown.

As for the Dow Jones, it is looking to climb 100 points this afternoon, following a 300 points-plus decline on Thursday evening, the US index expressing some of its anxiety over Trump’s anti-democratic actions, and the continued lack of covid-19 stimulus package.

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