The S&P 500 declined last week as investors weighed rising COVID-19 infections and shutdowns against encouraging vaccine developments.
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Although hopes of a COVID-19 vaccine and despair from rising COVID-19 cases swayed stocks, the S&P 500 closed the week at a record high.
The S&P 500 surged 7.2%, its biggest weekly gain since April. Democrat Biden was declared winner on Saturday, four days after the 2020 Presidential election.
The S&P 500 suffered its biggest weekly loss since March. Concerns of a contested presidential election and a return of lockdowns weighed on stocks.
Although U. S. companies topped earnings expectations, stocks broke their three-week uptrend on fading prospects of a new stimulus bill before the election.
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