Rest of year may see rotation if investors shift from tech

US investors are going all-in on vaccines, all-in on President elect Joe Biden and all-in on the electric car but at least one of those wagers could well prove premature. US stocks continued their historic rally last week, and the Dow Jones Industrial Average closed above 30,000 for the first time as one of the strongest months on record drew to a close on Thanksgiving week.

There remains a chance of more economic and market stumbles if the second wave of Covid-19 in the US causes more lockdowns and mass suffering, well before Mr Biden can pass a stimulus or distribute vaccines.

Last week, AstraZeneca became the latest vaccine maker to post promising trial results, even as the British drug giant conceded that there had been some mistakes resulting in lower doses given to some trial participants.