was up more than 11%. The gain is its best performance since April's 12.7% gain, which was the third best month for the S&P 500 since its origin in 1957.
Tech notched a single digit gain for the month so far and lagged the broader market. But some strategists expect big tech and internet names, stay-at-home stocks, to fare better in December. Strategists say another key report will be weekly jobless claims, which showed an increase in each of the last two weeks. "The employment data clearly has been weakening," said Faranello. If it continues, it will keep a lid on Treasury yields, which move opposite prices.
"The theme in the market right now is definitely hope and optimism versus the on the ground dynamic with Covid," said Faranello. "The real question is can the vaccine rally hold up if we see the virus rise and we continue to see shutdowns. How does the market perform in light of that?"