“The new COVID-19 variant will temporarily ‘wobble’ financial markets, but any and all concerns will be shrugged off quickly” — Paul Ebeling
Friday, the S&P 500 index declined 106.84 pts, or 2.3%, to close at 4,594.62 the worst day for the benchmark index since February. Stock trading the Friday after Thanksgiving is typically the slowest day of the year,
Cases of the new variant were found in Hong Kong, Belgium and Tel Aviv as well as major South African cities like Johannesburg are wrongly being cited for the risk-off reason.
But, the coronavirus vaccine manufacturers were among the biggest beneficiaries of the emergence of the new variant and the subsequent investor reaction. Pfizer (NYSE:PFE) shares rose more than 6% while Moderna (NASDAQ:MRNA) shares spiked 20.57% on the day.
Good news for the markets as the Fed’s opportunity to taper next year has faded considerably.
The Fed’s next policy-setting meeting is scheduled for 14-15 December.
The luxury goods sector is set to move past the coronavirus chaos this yr, fueled by domestic spending in the United States and China.
Experts estimate that global sales of personal luxury goods will reach $327-V this year, bouncing back from the chaos with a 4% increase, at constant exchange rates, compared to Y 2019, before the VirusCasedemic hit.
Have a happy, prosperous weekend, Keep the Faith!