Another day, another record high for indices in the U.S., as Thursday saw both the S&P 500 and NASDAQ hit new all-time highs.
These feats came despite the news that close to over 2,800 coronavirus deaths were recorded in the United States on Wednesday.
During the first wave of COVID-19 cases, it was reported that just over 2,600 deaths had occurred on April 15th, however today’s figures eclipse those seen in the Spring.
The markets overall seem optimistic at the prospect of a vaccine being on the market as soon as next week, with the UK the first nation to approve the use of a vaccine. Markets now wait to see if the U.S. could soon follow suit, as early as next week.
U.S. Initial Jobless Claim decline
Data released in the U.S. today showed that Initial Jobless Claims had fallen, despite a new surge in COVID-19 cases.
The number of Americans applying for state benefits had surprisingly increased in the past few weeks, however last week’s data fell significantly below the expectations.
Claims decreased to 712,000 for the week which ended November 28th. Significantly less than the 775,000 figure markets had forecasted.
Many believe that the decline could be attributed to the Thanksgiving holidays, where many public offices were closed.
EU optimistic on Brexit deal
With 28 days left before time runs out for the EU and UK to reach a trade agreement, every day seems to provide a new perspective on the progress of talks.
Yesterday the UK warned that a no-deal could be inevitable, however today has seen the EU slightly more optimistic on a potential agreement.
Today, Irish Foreign Minister Simon Coveney stated that, “It’s the time to hold our nerve and trust (Barnier). And I believe if we do that, there’s a good chance that we can get a deal across the line in the next few days”.
After months of delays and push backs, both sides have blamed the other for the failure to secure a deal so far.
Quote of the day – “If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.”Mark Douglas
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Senior Market Analyst