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LGT Beacon: US election and vaccine news reduce uncertainty

November 19, 2020

Following the US election and the news of a promising COVID-19 vaccine, the S&P 500 surged to an all-time high, with participation in the rally improving further, as investors shifted toward stocks that had thus far lagged in the recovery phase. While this sudden bullish outburst seems somewhat overdone for now, we do expect further gains over time.

Less than a week after the US election on 3 November, the S&P 500 hit a new all-time. Equities rallied globally as well, with the Nikkei 225 breaking out to the highest level since 1991. At the same time, the sectors that rallied most during the initial rebound from the COVID-19 shock seem stuck in a sideways range since August.

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Note: The next edition of the LGT Beacon is scheduled for December 2020.