John Hancock: Weekly Market Recap Week Ended December 4th

A November to remember

The S&P 500’s 10.8% gain last month was the index’s biggest in eight months and its best November result since 1928, according to S&P Dow Jones Indices. November marked a turnaround from September and October, when the S&P 500 posted a cumulative decline of 6.6%.

Extended run

The major U.S. stock indexes pushed their record levels higher, extending the mostly positive momentum they’ve seen since the start of November despite the rise in coronavirus cases. Weekly gains totaled 1% to 2%, slightly below the previous week’s increases.

Mixed jobs report

The pace of the U.S. labor market’s partial recovery from the spring’s COVID-19 economic shock is slowing. Employers added just 245,000 jobs in November—around half of what economists had expected, marking the fifth straight month of slowing growth. While unemployment fell to 6.7%, that was due in part to fewer people looking for work.

Relief revival?

Spiking coronavirus cases and a somewhat weak monthly jobs report lifted hopes that Congress might overcome an impasse that’s prevented another round of coronavirus economic relief. Democratic and Republican leaders spoke about a possible deal on Thursday, and lawmakers from both parties have been voicing support for a bipartisan agreement.

Source: https://wmr.jhinvestments.com/