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Monday's Highs a Way Off, But Progress Made

EQUITIES

Relative to Monday's volatility, Friday trade was far more subdued, although all three major US indices made decent progress into the close. The S&P 500 traded within 80 points of the Monday high, with the energy and industrials sectors outperforming as the dust settles after the on/off nature of reflation trades this week.

COVID-sensitive stocks including MGM Resorts, Norwegian Cruiselines and Live Nation Entertainment outperformed, rallying as much as 8%.

The VIX extended the post-election declines, dropping back below 25 points and on track for the lowest close since August.

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