Stocks relentlessly hit new highs. Risk-on rally to persist into year-end boosted by Black Friday. Uranium darlings Vistra, Constellation +11% in a week. Bitcoin sags shy of $100k

Global stocks continue to relentlessly hit new highs, and the risk-on rally will probably persist into year-end—provided we keep seeing better-than-expected economic news, as we have been. Also, note that stocks generally gain momentum ahead of Black Friday and Cyber Monday sales. Meanwhile, Bitcoin has stalled for the second day, settling back at $97,000, but bets remain strong for $Bitcoin (BTC.CC)$ BTC to hit $100k.

In the US last week, the S&P 500 $S&P 500 Index (.SPX.US)$ rose 1.7%, the Nasdaq $NASDAQ 100 Index (.NDX.US)$ gained 1.9%, while the small-cap index, the Russell 2000 $Russell 2000 Index (.RUT.US)$, outperformed with a 4.4% increase. This suggests that investors are feeling bullish, aggressive, and ready to take on risk. Sentiment was further buoyed on Friday when US jobless claims were weaker than expected. Plus, President-elect Donald Trump appointed a pro-Wall Street hedge fund executive as Treasury Secretary. Investors liked hearing that as this guy knows the stock market and crypto world well.

In the US, Vistra $Vistra Energy (VST.US)$ and Constellation Energy $Constellation Energy (CEG.US)$ gained over 11% each. Also note these are already some of this years top performers in the US. So why are they moving higher now? Well Russia reduced uranium supply but there is rising demand from major tech companies like Amazon $Amazon (AMZN.US)$ and Google $Alphabet-A (GOOGL.US)$ , which is still in its early stages. On the ASX, uranium stocks such as Paladin $Paladin Energy Ltd (PDN.AU)$ and Deep Yellow $Deep Yellow Ltd (DYL.AU)$ followed suit, up 10% each. My sense is that not only uranium but also gold and other industrial metals will continue to drive gains, further supporting the broad market rally.