Shares of banks and other lenders and money managers gave back some of their recent gains as investors fretted about the sustainability of the "risk rally" in global markets.
Buoyed by a clear election result and vaccine developments, the broad Standard & Poor's 500 has added more than 10% in November, making it one of the strongest months on record, according to Sam Stovall, chief investment strategist at research firm CFRA.
Still, a review of charts by the CFRA strategists suggests that a strong November can end up "stealing from Santa" as the traditional seasonal strength in the stock market could ebb towards the end of the year.
"Investors should be careful not to get carried away, however, since history warns (but does not guarantee) that December's return could end up delivering a lump of coal," the CFRA strategists said, in a note to clients.
Federal Reserve officials this month discussed ways to provide more concrete guidance about their plans to continue purchases of Treasury and mortgage-backed securities, according to minutes from the early-November meeting.
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(END) Dow Jones Newswires