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Stocks Look To Extend Winning Streak To 8 Weeks In A Row
Stocks closed mixed yesterday. But all of the major indexes are poised to close higher for the week. And the Dow, Nasdaq, and Russell 2000 are on the verge of extending their winning streak to 8 weeks in a row.
The market has been cheering the prospect of a budget deal all week which would avert a government shutdown. Yesterday afternoon, it came closer to getting done after the Senate passed the bill. The House is expected to soon follow. And then it heads to the President's desk to sign before the Friday night deadline.
President Trump, who voiced his displeasure with the bill's border funding, has also said he was ready to declare a national emergency to deal with the border issue.
As far as the markets are concerned, traders are just glad to put the threat of another government shutdown behind them. And while there's plenty of new uncertainty over how the emergency declaration will play out, it should have no impact on the market.
Traders are also growing increasingly optimistic that the U.S. and China will strike a trade deal by its deadline of March 1st.
Both sides have been insisting that talks were going well. And that feeling was underscored by reports that President Xi will meet with U.S. Treasury Secretary Steve Mnuchin, and U.S. Trade Representative Robert Lighthizer in Beijing this week.
President Trump, also signaling good faith cooperation, said he was willing to extend the deadline for raising tariffs "if we're close to a deal."
In fact, I would not be surprised at all if the deadline was extended, given the progress being made, and reports that President Trump and President Xi may meet after all in March. And since President Trump said "no final deal will be made until my friend President Xi and I meet", it looks like that's probably what's going to happen.
Take note, when there finally is an official announcement that both Presidents will indeed be meeting, I'd be more optimistic than ever that a deal was coming since they would likely only be meeting so they could both emerge victorious with an agreement.
In the meantime, traders will be listening for any news on how the high level talks in Beijing went after they wrap up later today.
Any good news today should definitely help stocks clinch their 8th weekly gain in a row.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
When in-the-know officers dip into their own pockets to buy shares of their own company, there's only one reason: They expect the stock price to go up.
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While a trade deal would undoubtedly bring a relief rally, it also means that some tariff-sensitive stocks could turn around the moment a deal is struck. Read More »
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Stocks closed mixed yesterday. But all of the major indexes are poised to close higher for the week. And the Dow, Nasdaq, and Russell 2000 are on the verge of extending their winning streak to 8 weeks in a row.
