A shot in the arm: The economy and stocks get a boost from vaccines


Equity markets proved their resilience in dramatic fashion in 2020. We closed out a record-setting year for many equity indexes just as distribution began for two COVID-19 vaccines with impressive efficacy results. The potential for a post-pandemic recovery bodes well for equities, in our view. There will be limits to how fast the economy can rebound, which should prolong the recovery. Higher interest rates are a key potential headwind.

We explore the catalysts for continued market advances in the year ahead as well as the risks we're monitoring. Also, our value investing managers offer their views on whether 2021 is the year that value stocks finally take a durable lead over their growth counterparts.

A remarkable year for global equity markets