In the final leg of 2020, stocks have delivered a record-breaking rally. The Dow Jones Industrial Average recently closed above 30,000 for the first time, with the other major U.S. stock indexes hovering close to record highs.

Encouraging updates on the advancement of a coronavirus vaccine prompted an investor rotation into cyclical stocks, which tend to outperform during periods of economic recovery.

"Although 30,000 isn't much different than 29,999, there is something special about those big milestone numbers... This is yet another reminder of how far stocks and the economy have come since the depths of March," chief market strategist for LPL Financial, Ryan Detrick, commented.

However, the near-term is riddled with uncertainty as the distribution of a vaccine presents a significant challenge, one that will require global coordination. At the same time, coronavirus cases are surging in the U.S., with it reporting the highest single-day death toll since early May this week.