Pavan Sharma

Wall Street gained on Friday (S&P 500 Index +1.4%) as US stocks posted further gains to reach new all-time highs as investors started to reposition for a stronger economy in 2021.

Shares in Telstra jumped yesterday after the company announced a major restructure that would split its business into three separate legal entities.

Closer to home, the New Zealand dollar leapt to a 20-month high (the NZD touched 69 cents versus the USD) as the market reversed its bet the Reserve Bank will cut the official cash rate into negative territory. 

Global markets were mixed overnight (S&P 500 Index -0.1%) as the “rotation” by investors into value stocks continued and small-cap US stocks outperformed.

Global markets surged overnight (S&P 500 Index +2.3%) after Pfizer revealed its COVID-19 vaccine has been 90% effective against the dominant virus strains circulating currently.