Global Portfolio Strategy

Stocks rose sharply in November after falling the prior two months, as the S&P 500 Index returned nearly 11%. Progress on COVID-19 vaccines and post-election policy clarity buoyed investor sentiment, offsetting surging COVID-19 cases in the United States and many parts of the world. Credit-sensitive bonds such as high-yield corporates performed well, while the Bloomberg Barclays Aggregate Bond Index rose a solid 0.98% as yields fell. Our 2021 forecasts call for mid-to-high-single-digit gains for stocks and near-flat to lowsingle-

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