Positive Pfizer News Drives Rally in Energy and Reopening Names on Friday, S&P Closes at another All-Time High

Key Takeaways

- S&P closed at 4,697.52, an all-time high, which is up from last week’s close, also an all-time high, of 4,605.38.

- This morning’s job report was very positive. Nonfarm payrolls increased by 531,000 handily beating the 450,000 estimate. Leisure, hospitality and professional and business services led the broad-based gains and unemployment dropped to 4.6%.

- Energy and re-opening names led the gains today as economic growth prospects seem significantly rosier in the wake of Pfizer’s announcement about a highly effective therapeutic.

- Dr. Scott Gottlieb announced this morning that “the end of the pandemic as we know it” is likely upon it.
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We mentioned in this column a few weeks ago that even though a lot of commentary focuses on what could go wrong and what Black Swan risks may be lurking beneath the surface there’s also another side to that coin. Sometimes there are also positive surprises. We mentioned that the largest coordination of efforts and scientific resources since the Manhattan Project was bound to produce some positives and today that view was vindicated.

Pfizer announced that they have developed a pill to treat the coronavirus that reduces the risk of hospitalization or death by ...

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