Markets Fluctuate on COVID-19 News
APMEX
11/13/2020 8:10:34 AM
Markets Fluctuate Based on COVID-19 News
The big story of this week has been a COVID-19 vaccine developed by Pfizer, which so far has had a 90 percent success rate in clinical trials. Gold and other Precious Metals plunged at the news. They rose shakily through the week, though, and Gold is back up around $1,900 per ounce this morning.COVID-19 dominates the headlines, and not just because of the vaccine. The United States is dealing with a huge spike in cases, shattering records day by day. Europe is also seeing significant upticks and many countries have renewed lockdowns. Senator Mitch McConnell is leading an effort to restart failed stimulus talks in Congress.
U.S. election drama is ongoing, with accusations of fraud coming from the Trump campaign. To this point, though Joe Biden holds a comfortable lead, Donald Trump has not conceded the race. The House of Representatives stayed Democrat, but the Senate is not called yet either way, with runoffs coming for key states.
China cracked down on its largest ISPs. OPEC considered delaying a production increase. Brexit talks have continued, but London and Brussels have not reached any sort of consensus. It’s been an up and down week for markets as investors digested vaccine news. The initial optimism was tempered quickly due to concerns about logistics and ongoing infection rates.
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