Stocks Soar, Poised For Another Big Leg Up

Stocks closed higher on Friday and higher for the week with the S&P and the Nasdaq closing at new highs for the year!

Once again, there were no new market moving headlines on Friday. What's moving the market is what's been moving the market: a strong economy, a fantastic jobs market, an accommodative Fed, and the continued optimism for an eventual U.S.-China trade deal.

Underscoring this was the Job Openings and Labor Turnover Survey report (or JOLTS), which showed 7.581 million job openings. That's more job openings than the number of people unemployed! Analysts further noted that y/y, 'openings are up 21.7%, which dwarfs the 4.2% rise in hires.' The jobs market is sizzling and that's because of the strength of the economy.

Not surprisingly, Consumer Sentiment soared to 97.8 vs. last month's 93.8 and views for 95.2.

Still need the U.S. and China to come through on a trade deal. But the market continues to feel strongly that a deal is coming, and likely in April.

As for the Fed, they meet this week. But traders are literally giving a zero percent chance of a rate hike! So the accommodative monetary policy looks set to continue. And that's bullish for stocks.

As I've been saying, the market looks great. And could be getting ready for another big leg up.

See you tomorrow,

Kevin Matras

Executive Vice President, Zacks Investment Research

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