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Stocks finished up on Friday and all of the major indexes closed up for the week, except for the Nasdaq which just barely missed out. But stocks looked strong at the end of the week and that bodes well for this week.
The so-called emerging market crisis (which is really just a crisis for Turkey), that weighed on stocks early last week has all but been forgotten. Not by Turkey, of course, as their economy and currency are reeling after US sanctions. But the impact to our markets are a virtual zero. And traders made that known after the headlines faded.
The real news last week and what got the markets going was the optimism over trade talks. With productive talks between the EU, Japan, Mexico (an agreement on a new NAFTA deal could be just a few days away and then presented to Canada), and now China, the markets are finally getting what they've been waiting for – a potential breakthrough that avoids further escalating already worrisome tariffs.
As I've mentioned before, the market has been held back due to uncertainty over the ongoing tariff tensions, even as the economy continues to pick up steam. This has caused a lot of pent-up demand and bullishness. But once it looks like real progress is being made to resolve these disputes, the markets should soar.
Talks with China will be the most difficult. But with their currency falling and their markets tanking, the US is in a strong position to get some of the concessions they want. We shall see. But getting the number 1 and number 2 economies talking again is great news.
The markets are poised for a great week this week. And the S&P, the Nasdaq, and the Russell 2000 Index are within striking distance of breaking out to new all-time highs.
As I've been saying, this economy and bull market are history in the making. Make sure you're taking full advantage of it.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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Stocks finished up on Friday and all of the major indexes closed up for the week, except for the Nasdaq which just barely missed out. But stocks looked strong at the end of the week and that bodes well for this week.
