We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Better Than Expected Jobless Claims And Inflation News Lift Stocks
The major indexes closed solidly higher yesterday with the Dow and the S&P both up over 0.50%, while the Nasdaq was up 0.75%. And they are all poised to close higher for the week.
Can't believe we're still waiting on news from Canada regarding trade talks. But both the U.S and Canada sound optimistic about the negotiations, so traders are expecting good news, whenever the news comes.
As you can imagine, hurricane Florence is on everyone's mind. Thankfully it was downgraded from a category 5 to a category 2. Still a very dangerous situation. Let's hope it weakens even further and everyone is safe.
In other news, Weekly Jobless Claims, came in better than expected at 204,000. Analysts noted it was the 'second straight 50-year low' for new claims. Same for the 4-week average -- the 'second straight 50-year low.' Wow!
We also got a better than expected Consumer Price Index which showed a m/m change of 0.2% vs. views for 0.3%. On a y/y basis, it came it at 2.7% vs. last month's snapshot of 2.9%, and the consensus for 2.8%. Excluding food and energy, it was only 2.2%. That eased inflation concerns, which in turn eased rate hike concerns and lifted stocks.
Granted, two more hikes are still expected. But the more subdued readings show there's no need to accelerate the pace beyond what has already been forecast.
Today we'll get Retail Sales, Import and Export Prices, Industrial Production, Business Inventories, and Consumer Sentiment.
Should be a busy day. And good chance it's another up day.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
But thanks to a developing situation involving Donald Trump, America's No. 1 tech company and $10 billion... this may soon be the most talked-about stock in America.
The stock market outlook through the end of 2018 is very bullish. But Zacks' EVP Kevin Matras believes Wall Street forecasts aren't bullish enough.
According to his data the S&P will double in the next 5 years - and the next few months will be one of the strongest periods of this entire bull market.
That's why now is a perfect time to check out Finding #1 Stocks. In it, Kevin shares his best stock-picking secrets including strategies that recently produced gains of +104.7%, +110.4%, even +136.0%.
Claim a FREE copy of the hardcover book today and put these strategies to work. Don't delay. This opportunity ends, midnight Sunday September 16.