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Markets Up Yesterday As NY And America Show Their Resilience

Fine start to the week yesterday with the Dow, the S&P, and the Nasdaq all posting solid gains. And once again, the Dow and the S&P made new all-time high closes.

The market was able to get even more mileage out of last week's Employment Situation Report which came in 20% better than expected with a whopping 228,000 new jobs created last month.

Yesterday morning's terror attack in NY had some traders bracing for a rough day. But New Yorkers are resilient. And so is America. It was only fitting to see the market up yesterday in a show of defiance that we will not be cowed by terrorism.

Not much in the way of other news yesterday, other than the clock is ticking to get a reconciled tax cut bill to the President to sign by Christmas. I've seen some change the narrative to the end of the year. That makes me a little nervous that Congress might be hedging on their original timeline of Christmas to a week later. In the grand scheme of things, it probably doesn't matter. But we've got nearly two full weeks left to get this done. No need to start hedging so soon. And I'm sure the market would like to see some stronger statements reaffirming that Christmas is still the goal.

But the market continues to trek higher on the accomplishments that the economy and corporate America have already achieved. The tax cuts will only add to that.

In the meantime, still looking for more gains this month as December is prone to do.

See you tomorrow,

Kevin Matras

Executive Vice President, Zacks Investment Research

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