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The Relief Rally Continues

The markets added to their gains yesterday as traders breathed a sigh of relief that the worst of Hurricane Irma is over.

To be clear, the devastation has been historic. The lingering storm still poses great danger. And the personal suffering has only just begun. But there's a collective belief that it could have been much, much worse. And for this, there's a sense of relief that this disaster didn't spiral into something even more tragic.

Now comes the cleanup.

Two back to back monster hurricanes (some of the most expensive in US history), is truly devastating. But looking down the road, the massive cleanup and rebuilding efforts (from removing debris, rebuilding homes and businesses, and replacing cars and trucks, not to mention buying new furniture, clothes, electronics, etc.), will add significantly to the GDP when this begins. And with the swift aid packages being approved and rolled out in record fashion, nobody will waste any time rebuilding the areas ravaged by the storms.

So it should come as no surprise the markets are trading at or near record highs.

And I believe this trend should continue through year's end (and more).

Best,

Kevin Matras

Executive Vice President, Zacks Investment Research

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