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S&P 500 hits record high, despite Powell concerns – 1st December

The S&P 500 started the month of December the same way it moved throughout November, strong.

Gains in America’s benchmark index came as Jerome Powell spoke before the US Senate Committee on Banking, Housing, and Urban Affairs.

In his statement Powell stated that, “The US economy has performed better than expected.” However, he added that “We do have a long way to go on recovery.”

Despite this, the S&P 500 reached an intraday high of 3,676, breaking its previous high of 3,673, recorded on November 9th.

UK says “prepare” for no-Brexit deal

With 30 days to go before the UK formally leaves the EU, senior figures in the British government still believe that a no-deal exit is firmly on the table.

On Tuesday, Michael Gove, who is one of the ministers responsible for a trade deal stated that, “It’s certainly the case that there is a chance that we may not get a negotiated outcome.”

He went on to add, “That’s why it’s important business prepares for all eventualities, but I very much want a deal and I believe that we can secure one”.

The FTSE 100 was up 1.89% despite this news and buoyed by the news that UK factory PMI shows fastest growth since 2017.

Pfizer seeks vaccine approval in Europe

Since the announcement last month that its vaccine was over 90% successful in preventing COVID-19, Pfizer has made huge strides to get it authorized for public use.

Today, it was revealed that Pfizer and  BioNTech have applied to the European Medicines Agency for the marketing authorization of their coronavirus vaccine.

Markets have been bullish on vaccine news over the last few weeks, and Pfizer’s CEO, Dr. Albert Bourla  stated that, “Today’s announcement marks another key milestone in our efforts to fulfil our promise to do everything we can to address this dire crisis given the critical public health need”.

Markets now wait to see if approval will be granted. 

Quote of the day – “In trading/investing, it’s not about how much you make but rather how much you don’t lose.”

Bernard Baruch

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