The S&P 500 and Dow couldn’t advance for a third week in a row, but small cap stocks were able to extend their streak to three. The Russell 2000 small cap index has gained about +16% in November. For the second week in a row, markets opened on news of a promising new vaccine, only to fade as the week wore on after new coronavirus cases in the U.S. continued to surge and new lockdown measures were announced by various state and local officials.
The S&P 500 and Dow were up for the second week in a row, but it was small cap stocks that topped the leader board for the second straight week. After delivering + 6.9% last week, the Russell 2000 small cap index added another +6.1% this week. Promising news of a potential COVID‐19 vaccine helped Value oriented stocks trounce Growth stocks. But with cases surging both in the U.S. and abroad, many are wondering if this is just another Value head‐fake.