Much as last quarter, I believe the market will cautiously continue to churn higher if Congress comes through with more stimulus and the Fed continue to be supportive of businesses and employees impacted by the virus. Remember, markets are a forward looking mechanism, typically pricing the market based on what the next 6 - 18 months is expected to bring. However, Congress has not yet reached a deal on extending unemployment benefits and other aid to the un/under employed. Failure to provide fiscal support could lead to a return of Recession.
I know many folks don't like the government just "handing out money" but in times like these, think of it as an investment: pump cash into the hands of those who will spend it (vs saving it) which will then drive consumer spending, which will support businesses, which will generate sales tax locally to support local governments and will generate jobs to employ more people who will pay more income taxes and will generate more business profit who will pay more business income taxes. Thus the "investment" by the government will be returned via more broadly shared tax revenue over time. Oh, and the price of stock will of course rise, benefitting your portfolio!
Several vaccines appear to be on the horizon and the government is "pre-investing" in manufacturing the millions of doses necessary to begin treating the general public. Likely by the end of the year, several vaccines will be approved however then the uncertainty turns to how do you deliver to vaccines to the masses, and will people be willing to get vaccinated?
As always, I will continue to monitor markets and make adjustments to your portfolios as conditions warrant. And I am happy to discuss our respective views in general and your account and investment needs specifically.