The S&P 500 is closing at a record high for the first time since September, posting its second weekly gain in a row. The index rose 1.4% Friday, bringing its for November to 9.6%.
Hopeful news this week on progress toward a coronavirus vaccine prompted investors to plow money into stocks, especially those of smaller companies, which stand to benefit greatly as the economy recovers.
Those gains came at the expense of winners of the stay-at-home economy like Netflix and Amazon that investors have been favoring during the pandemic.
The Russell 2000 closed at a record high for the first time since 2018.