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Stocks Up Sharply For The Week, More Gains Expected As Earnings Season Begins
Stocks closed modestly higher on Friday, but finished sharply higher for the week with the Dow up 2.30%, the S&P up 1.50%, and the tech-heavy Nasdaq up 1.79% and making new all-time highs in the process.
Once again, traders shrugged off tariff concerns and focused on the strengthening economy and Q2's earnings season, which is shaping up to be one of the best in years!
It officially kicks off this Wednesday, when Alcoa reports after the market's close.
There's plenty of excitement too, given the fact that for the last 9 ½ years since this bull market began, the median increase for the S&P during each earnings season has been 1.79%, with gains being seen more than 70% of the time.
And the 30-day period after earnings season ends, has shown an additional 1.45% gain with increases seen nearly 65% of the time.
So traders have a right to be excited this earnings season as the market looks poised for a profitable couple of months.
After that, I expect the end of year push to begin in earnest with stocks finishing up with double-digit gains.
The next 6 months could end up being one of the best 6-month periods we've seen during this entire bull market.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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Stocks closed modestly higher on Friday, but finished sharply higher for the week with the Dow up 2.30%, the S&P up 1.50%, and the tech-heavy Nasdaq up 1.79% and making new all-time highs in the process.
