Markets aim to begin 2021 similar to how 2020 ended Thoughts Markets are poised to begin 2021 similar to how 2020 ended, with a broad market rally. Last week saw a strong close to the year, with the S&P 500® Index touching its 33rd record close for 2020. The primary drivers of market strength continue to be optimism surrounding the vaccines and the benefits from the latest round of fiscal stimulus. The S&P 500 gained 68% from the March low after losing more than one-third of its value in less than a month, finishing the year with a return of 18.4%, the sixth-best performance in the past 20 years. Notable winners including the NASDAQ (+44.9%), the Russell 1000 Growth Index (+39.5%) and MSCI Emerging Market Index (+18.7%).