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Heading into Monday, investors were looking to extend the momentum from the previous Friday’s mini-rally. Before that Friday, the S&P 500 had posted its worst weekly performance in a month. As I mentioned above, stocks were driven by an announcement that Pfizer’s COVID-19 vaccine earned formal approval from the FDA.
The move is expected to boost inoculation rates and help stop the spread of the virus’s Delta variant. Stocks continued to move higher on Tuesday and Wednesday before tumbling on Thursday after an attack at the Kabul airport in Afghanistan during the U.S. military’s withdrawal.
