Wall Street Set To Close The Year Higher: 5 Top Growth Picks

The relentless rise in coronavirus cases is, no doubt, concern and may easily hamper economic recovery. But recently, promising news on the vaccine front gave enough hope that the economy and in turn the stock market will surely do well for the rest of the year. If a vaccine gets emergency approval, the pandemic can be addressed, and businesses can go back to normal functioning. Also, outdoor activities like traveling, dining, and so on, can return to normalcy.

Notably, AstraZeneca PLC (AZN Quick Quote AZN - Free Report) announced recently in a press release that interim analysis of clinical trials showed an average efficacy of 70% in its vaccine candidate. Meanwhile, Moderna, Inc. (MRNA Quick Quote MRNA - Free Report) also announced in a press release that its vaccine candidate was found to be 94.5% effective. Pfizer, Inc. (PFE Quick Quote PFE - Free Report) and BioNtech SE (BNTX Quick Quote BNTX - Free Report) also recently stated in a press release that it is seeking Emergency Use Authorization from the FDA for its vaccine candidate which has an efficacy rate of 95%. In fact, as part of an initial distribution process, U.S. officials are also preparing to release 6.4 million doses of the vaccine throughout the country, once the first vaccine is cleared for emergency use, as quoted in a Reuters article.

By the way, election uncertainties are largely gone, and news that former Fed Chair Janet Yellen is set to become the next Treasury Secretary will surely turn out to be a blessing in disguise for the stock market. Yellen has been vocal about additional government spending to support the economy, as mentioned in a Washington Post article. The article also mentioned that during her tenure as Fed Chair, unemployment in the United States fell the most since World War II. The article further pointed out that the unemployment rate was 6.7% at the start of her tenure and dropped to 4.1% by the time she left.

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