Dow at a record | 2021's market surprises | San Francisco stay-at-home order

Mike Santoli considers a few underappreciated subplots that could emerge as central narratives to jostle investor assumptions as 2021 unfolds.

VIEW IN BROWSER | SUBSCRIBE SAT, DEC 05, 2020 WEEKEND BRIEF EDITOR'S NOTE It was another winning week on Wall Street as expectations for a deal being reached on additional fiscal stimulus before year-end increased.   The Dow Jones Industrial Average rose 1% for the week, while the S&P 500 advanced 1.7% over that time period. The Nasdaq Composite, meanwhile, advanced 2.1% this week. All three major indexes closed out Friday's session at all-time highs.   Senators unveiled a $908 billion bipartisan stimulus package on Tuesday, sparking hopes that lawmakers would strike an agreement for further Covid-related aid. The plan was put forward in an effort to break a stalemate over additional stimulus that has lasted for months.   Senate Majority Leader Mitch McConnell, R-Ky, first rejected the proposal, noting he wants a "targeted relief bill" this year. On Thursday, however, House Speaker Nancy Pelosi, D-Calif., spoke with McConnell and said they are both "interested in getting an outcome, both on the omnibus and on a coronavirus package."   Traders piled on to bets for further aid after the release of disappointing jobs data. The Labor Department said Friday that 245,000 jobs were created in November, well below the Dow Jones estimate of 440,000.   President-elect Joe Biden said Friday that the report foreshadows a "dark winter" as he called for more stimulus. Biden later said it "would be better if they had the $1,200" stimulus checks, and that he understands "that may still be in play."   In the week ahead, investors will continue to monitor these negotiations. CNBC's Patti Domm writes that any progress on this front could lift stock prices further into record territory.   With optimism running high, Mike Santoli believes it's a good time to consider a few underappreciated subplots that could surprise investors next year. He breaks those down here.   Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Fred Imbert | CNBC Markets Reporter @foimbert MICHAEL SANTOLI'S MARKET COLUMN Here are 3 under-the-radar market story lines that could surprise investors in 2021   THE WEEK AHEAD Any progress on stimulus could give the market a boost in the week ahead   ACTIVIST SPOTLIGHT Starboard Value sees big return in this infrastructure play even after activist campaign hits a snag   YOUR WEEKEND BRIEFING  Stay-at-home order issued for San Francisco Bay Area, ahead of state mandate Biden says $1,200 stimulus checks 'may be still in play' in Covid relief talks Cramer's week ahead: Next week may be difficult for the markets without stimulus progress Stocks like Callaway Golf and Estee Lauder are some of Wall Street's favorite picks for December Federal judge reinstates DACA, orders Homeland Security to quickly accept new applicants Inside AT&T's WarnerMedia as it dismantles the old Time Warner to battle Netflix     Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS