Vaccine Hopes Cause Market Wide Boost

Vaccine Hopes Cause Market Wide Boost

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Traders are feeling hopeful today after the markets saw a much-needed boost following the months of turmoil we have been experiencing.

The promising market behaviour has been prompted by a trifecta of reasons. One of the these is the fact the promise of a Covid-19 vaccine, which has been the main cause of the economic downturn in recent months. However, this is not the only reason.

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The market boost was further aided by a positive US market performance after a week of drops due to unemployment fears, and the fact that the oil price is continuing to rise after previously being in a super contango market

According to eToro’s stats, “The S&P 500 closed the day 3.2% higher, led by energy, industrial and financial stocks, while the FTSE 100 gained 4.3%. Energy stocks gained 7.6% overall in the broader rally, with the energy equipment and services subsector jumping 13% and the oil, gas and consumable fuels sector up 7.1%.”

At eToro their daily report covers all these areas in-depth and is ideal to stay up to date with the latest goings-on. The trading community will be hoping for some more boost like this in the coming days and weeks if they are hoping to see a full recovery from the drastic market shifts.

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