US Index Rise Amid Vaccine Hopes...

As the COVID-19 outbreak spread in March, stock market prices plunged. Then, in a move that seemed irrational to some observers, markets bounced back. Why would stock prices increase even when the number of COVID-19 cases in the country was continuing to rise?
U.S. stock climbed as investors assessed prospects for a Covid-19 vaccine and central bank support. Federal Reserve Chairman Jerome Powell testifies before Congress on Tuesday and Wednesday and is cautioning lawmakers that the U.S. economy remains in a damaged and uncertain state. Pfizer shares at the open after the drug maker and partner BioNTech sought regulatory approval for their Covid-19 vaccine in the European Union. Dow Jones gained 1%.
European stocks rose on Tuesday, beginning the final month of 2020 on a positive note as Chinese manufacturing data boosted sentiment, with autos, miners and travel stocks all rising. FTSE gained 2%. Both CAC and DAX surged 1% each.
Oil traded near $48 a barrel, with OPEC seeking more time to reach a deal on production policy after a ministerial meeting broke down without an agreement.
Gold rose back above $1,800 an ounce from the lowest level in almost five months as the dollar retreated amid strong risk-on sentiment in equity markets.