Two Weeks In A Row, Will This Week Be Three?
The Dow, the S&P, and the Small-Cap Russell 2000 Index, all closed higher again last week, making it two weeks in a row. (They also, once again, made new all-time high closes in the process.) The Nasdaq just missed out on another weekly gain, albeit just barely. But they remain near their all-time highs, and actually made new all-time highs during the week, but just couldn't hold on by week's end.
When I think of the market, words like resilient, impressive, historic, and strength come to mind.
I'm fully aware of the obstacles this market has in front of it, such as North Korea, the upcoming iteration of the Obamacare repeal effort, and what happens if tax cuts/reform doesn't get done.
But for now, the market continues to focus on the economy and record corporate profits, as it should.
Moreover, with earnings season right around the corner, few seem willing to bet against this uptrend given that stocks typically go up during earnings season.
In the meantime, it will be a busy week economic report-wise with manufacturing numbers, housing reports, durable goods orders, consumer confidence, and more all coming out this week.
Plenty of catalysts for even more gains!
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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