The great vaccine results, led by Pfizer, AstraZeneca Oxford, and Moderna, have transformed global economic prospects and pushed the S&P 500 to new highs. While wide-ranging global vaccinations will take over a year to fully implement, locked-down industries should begin returning to normal. The post COVID return to normalcy will boost growth, reduce unemployment, and improve earnings, but several critical risks can reverse this hopeful outlook and twelve year old bull market.
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