U.S. equity markets broadly moved sideways amid last week’s lower trading activity due to the holidays but remain near their all-time highs heading into year-end, with the S&P 500 up almost 15% on the year (not including dividends) as of Friday’s close.

Each year we have the opportunity to approach the holiday season with new perspective and experiences. This year is no exception. In the previous and coming days you will no doubt see countless articles and messages lamenting the year 2020 and cheering for the arrival of 2021, but I would like to offer an alternative perspective.

U.S. equity markets slid lower last week following several weeks of strong gains as market participants assessed an unexpected rise in weekly jobless claims amid worsening coronavirus trends and awaited further news from Congress as lawmakers work toward a consensus on additional stimulus.

U.S. equities continued to push to new highs this past week as optimism on traction toward additional stimulus in Congress overshadowed decelerating momentum in U.S. economic data in the wake of worsening coronavirus trends and tightening restrictions.

U.S. equities pulled back from their highs last week, taking a breather from the strong market rally in the wake of Election Day and positive Covid-19 vaccine progress, as investors assessed near-term headwinds from the escalating coronavirus case count and subsequent restrictions.