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Solid Start to December

EQUITIES

Despite some month-end selling pressure in stocks on Monday, Tuesday saw a broad-based rally across both US and European equity markets, with outperformance noted in the NASDAQ, which rose over 1.5%, while the Dow Jones posted more modest gains of 1%. US equity futures followed suit, with the e-mini S&P breaking north of the early November vaccine-inspired record highs, putting stocks on solid footing for the final month of a tumultuous 2020.

All sectors traded in the green, with communication services and financials outperforming, while tech also rallied. Gains came alongside soothing messages from prospective Treasury Secretary Janet Yellen, who stressed the urgency of acting swiftly with fiscal support as the US economy recovers from COVID-inspired weakness.

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