“Value and smaller companies typically have more leverage to economic recoveries so a vaccine that would remove the weight of COVID-19 off the economy is a distinct positive,” wrote Bill Stone, chief investment officer at Stone Investment Partners. “Time will tell if this reversal in trends proves durable or starts “makin’ the tears rain down like a monsoon” for value proponents like the many recent false starts.”The recent outperformance in value stocks comes even as the number of coronavirus cases continues to increase, dampening the country’s near-term economic outlook.More than 1 million cases were confirmed in less than a week in the U.S., bring the country’s total to more than 11 million, according to data from Johns Hopkins University. Data from The Covid Tracking Project also showed U.S. coronavirus-related hospitalizations have risen to nearly 70,000.“The near-term COVID backdrop remains bleak with exploding cases, rising hospitalizations, and additional mitigation measures,” wrote Adam Crisafulli, founder of Vital Knowledge. “But the broader tape is willing to overlook all this for the time being.”Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. – Advertisement – Earlier in the day, the Dow and S&P 500 posted all-time closing highs. The Dow also notched an intraday record. Those gains came after Moderna released trial data showing its coronavirus vaccine was more than 94% effective, further raising expectations of a sharp economic recovery.That marked the second positive announcement related to a coronavirus vaccine in a week. Pfizer and BioNTech said Nov. 9 that their Covid-19 vaccine candidate was more than 90% effective among participants in a late-stage trial.Value stocks led the advance on Monday, building on their strong gains from last week. The iShares Russell 1000 Value ETF (IWD) jumped 1.9%, while its growth counterpart closed higher by just 0.5%.- Advertisement – Traders work on the floor of the New York Stock Exchange.Source: NYSE – Advertisement – U.S. stock futures opened slightly higher on Monday night after two of the three major market benchmarks closed at record levels.Dow Jones Industrial Average futures were up marginally and S&P 500 futures gained 0.1%. Nasdaq 100 futures outperformed, rising 0.6%.Tesla shares jumped more than 10% after S&P Dow Jones Indices said the electric car maker would join the S&P 500 index, effective Dec. 21.- Advertisement –
Vera Zhao, a sophomore majoring in communication and law, history and culture, attended the event for her “Law, Atrocity Crimes, and Transitional Justice” class and said she appreciated the discussion’s global perspective. Dicker, who served as an international attorney and worked with numerous governments, discussed the experiences he had while working with governments to increase legal accountability for war crimes. Richard Dicker, director of the International Justice Program at Human Rights Watch, spoke about the current state of the International Criminal Court Wednesday at a discussion hosted by the Gould School of Law and the International Law and Relations Organization. Though Dicker began his career in international law, he said he wasn’t expecting to experience many events that he later became involved in. Dicker responded that the court helps hold nations accountable for major crimes. He concluded the discussion with a call to action, encouraging students in the audience to work toward justice and hold leaders accountable. “I thought [the talk] was a really comprehensive and concise overview of international criminal justice and where we’re at today,” Garry said. “I think that Mr. Dicker really provided rich insight into the evolution of international criminal justice with his personal experience … behind the movement pushing for accountability, and has provided a somewhat hopeful perspective for the future.” “I feel for these communities most affected by [crimes against humanity] that have no other recourse of justice,” Dicker said. “Fair trials matter … I believe fervently in the importance of a fair trial and what it guarantees.” During the event, one student asked, “What impact has [the International Criminal Court] had on international relations overall?” “If you had told me, ‘Well, the president of Serbia will be tried by international courts [and] the president of Liberia will be tried by another international court,’ I would have asked you if a science fiction magazine had merged with a law book because it was totally, totally unforeseeable,” Dicker said. Garry said she appreciated Dicker’s message of optimism about the future of the international courts system. Nearly 50 students and faculty attended the event. The discussion, titled “The Future of International Criminal Justice: Challenges & Opportunities,” was moderated by Hannah Garry, a clinical professor of law and director at the International Human Rights Clinic at Gould. Human Rights Watch program director Richard Dicker said that international law will grow more complex in the future as it requires citizens to hold leaders accountable. (Photo by Krystal Gallegos) “There will be plenty of individuals like yourselves that are committed, involved and active in trying to apply legal norms in situations where crimes occur,” Dicker said. “It’s going to be tough; it’s not 1998 anymore. Yet, there’s a demand for accountability that neither President Putin, President Erdoan or President Trump will be able to upend.” The conversation revolved around the establishment of the International Criminal Court, a judicial body independent of the United Nations. Dicker said he believes that the United Nations has too much power, and thus the International Criminal Court is important for holding it accountable. Dicker said he wanted to go into international human rights law because he was inspired by a personal search for justice and altruism. “It’s important to encourage more international corporations and not just focus on certain countries,” Zhao said.