Today is shaping up to be a record day in the market during a record month in politics during a record year in history.
If today’s gains hold, the Dow will cross 30,000 for the first time with its record performance coming on the heels of a surge in Covid-19 cases both in the US and abroad and dire warnings that the worst of the pandemic may be on the horizon.
Needless to say, the euphoria being displayed by today’s market can be attributed to many developments including
- the GSA’s decision to begin a peaceful transition of power to the Biden Administration,
- the elimination of political uncertainty resulting from the current administration’s failure to prove election fraud,
- the announcement of 3+ Covid19 vaccines and,
- the announcement of Biden’s Cabinet Appointees
all of which signal a return to “as close to normal as possible” in the not-too-distant future.
No one could have predicted either the timing of a vaccine or the glimmers of stability and/or hope sparked by the other developments.
As investors, if we can learn anything from today’s market milestone or the historic challenges of 2020, it would simply be to “Stay the Course”.