The market shot out of a cannon this morning on vaccine news. In addition, Pelosi has asked McConnell, Schumer and McCarthy to meet at 4PM to discuss finalizing government funding and Covid relief. The Dow Jones and S&P 500 are up more than 1%, while Nasdaq is up 1%. The Russell 2000 hit a new 52-week high today, and the index is 32.2% above its 200-day moving average.

Utilities and Financials lead, as there is a clear rotation out of tech names.

Breadth is positive on both the NYSE and Nasdaq; advancers are far outpacing decliners. Companies making new highs are blowing new lows.

Economic Data

This morning's manufacturing data is further indication of the loss in momentum of the US economic recovery. November industrial production expanded by 0.4% compared to 0.9% for the prior month.