Stocks Up 4 Days In A Row
Stocks were up again yesterday with the Dow, the S&P, and the Nasdaq closing higher for the 4th day in a row.
Last week's jobs report continues to underpin stocks, as well as excitement over Q2's earnings season.
With the market's average gain during earnings season in excess of 2% since this bull market began, nobody wants to miss out. Especially since being in the right stocks could generate gains of 10%, 20%, even 50% or more.
In other news, the NFIB Small Business Optimism Index came in at 107.2, beating views for 106.3. Analysts noted this was the 6th highest reading in the survey's 45 year history.
And retail sales via the Redbook report showed same store sales growing at a y/y rate of 5.2% vs. last month's impressive 4.4% pace. It was pointed out that this was the fasted pace since December 23rd when the holiday shopping season was in full swing.
As mentioned yesterday, the fundamentals look fantastic for both the economy and corporate earnings, and that should continue to push stocks higher.
With many expecting a spectacular 2nd half, the market could see accelerated gains as it makes up for lost time given the pullback earlier in the year.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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