US stocks post 2nd straight weekly gain as vaccine optimism offsets virus spike | Markets Insider

US stocks moved higher on Friday, closing out back-to-back weekly gains as a post-election rally was boosted by optimism surrounding a successful COVID-19 vaccine despite a record surge in daily cases.

A strong efficacy rate of more than 90% from Pfizer and BioNtech's COVID-19 vaccine boosted investor hope that a reopening of the economy is likely in 2021. Investor optimism towards a COVID-19 vaccine could spill into next week as President Donald Trump prepares to give a speech on Operation Warp Speed Friday afternoon, and as Moderna is expected to release data on their vaccine candidate as early as next week.US stocks moved higher on Friday and closed out back-to-back weekly gains as investor optimism towards a COVID-19 vaccine outweighed a record surge in daily virus cases.

Hopes around a successful COVID-19 vaccine being developed and quickly distributed could spill over into next week as

this is terrible news

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