Market Update - November 8th, 2020

​Hope all is well with you and your family. I wanted to give a brief update.  A week after dropping around 6%, the major U.S. stock indexes recovered that lost ground and then some. The S&P 500 and the Dow both jumped around 7% while the NASDAQ surged more than 9%. The economy and corporate earnings continued to show signs of improvement helping to spark a rally that came as coronavirus cases continued to surge and as election results continued to be counted.

Walkin' Back to Georgia
This weekend, Joe Biden was declared the winner although the President has yet to concede.  The more important news for markets is in Georgia. In the words of the Jim Croce song: "Georgia; she's the only one who knows how it feels when you lose a dream and how it feels when you dream alone." Georgia has long been a Republican stronghold but with rapidly changing demographics Republicans may lose the dream of holding the senate.  The state will be the site of two runoffs on Jan. 5 to settle which party will control the Senate. The post election rally can be attributed in part to investors’ hopes that the likelihood of a continuing partisan divide over control of the White House, the Senate, and the House.  The hope was that a divided Congress might keep the favorable tax and regulatory environment intact.   That result seems less certain today.  

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