Indices MARKET VIEW
On Friday, the S&P 500 index closed at 3,582, which is a record high following a second straight week of gains.
Upbeat earnings reports have boosted investor optimism about the U.S. economy along with hopes for successful COVID-19 vaccines, even as a cases spike and restrictions are placed across the country.
Cisco Systems Inc provided the most significant boost to the SPX500 after its quarterly report showed a surge in demand for work from home.
The market is underestimating consequences of rising virus rates and the lack of incentives for the economy and earnings.
Investors are waiting for news from Moderna Inc. about progress in developing a coronavirus vaccine, after stating last week that it has enough data for the first interim analysis of its late-stage trial.
With third-quarter reports released, about 90% of S&P 500 companies now show that earnings fell 7.8% from a year ago instead of the expected 21.4% decline.