Pfizer's Covid-19 announcement this week brings changes to the market. On Monday (10/9/2020), Pharmaceutical giant Pfizer announced the early success of it's Covid-19 vaccine. Investment Expert Derrick Kinney says the news gave the market a shot in the arm. "This vaccine news injects (no pun intended) a renewed sense of confidence in companies to begin reinvesting again." He says previously punished stocks like travel and hospitality are coming up and technology stocks that have done well during lock-down are going down. Kinney says the rest of 2020 is looking good.
Consumer Confidence Key to Economic Recovery from COVID-19
"All those technology stocks you love are now losing money. The thinking is as people go back to work and traveling and going-seeing-doing, other stocks may be better." Kinney sees the market continuing to look good for the next 2 months but cautions investors to be open to change. "Whoever is going to be the President in the next four years will likely inherit a rapidly increasing economy and job market."
Listen to Derrick Kinney's pod cast Good Money, Good Hands, Good Work,
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