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Stocks soared yesterday, making up for Wednesday's subdued response to the Fed's hold on rates.
With the Fed leaving rates unchanged, and indicating that they would likely do so for the remainder of the year, not to mention slowing their balance sheet unwind in May and ending it in September, that's bullish for stocks. So the pullback after the news on Wednesday was a little surprising. But I just chalked it up as a little bit of profit taking.
But traders came roaring back in yesterday, helping to push the S&P and the Nasdaq to new highs for the year.
And the big three are only just a little more than 3% away from making new all-time highs! (The Dow just needs another 3.81%, the Nasdaq 3.75%, and the S&P just 3.01% more to go.)
Wow!
What a difference a few months makes.
But the market never should have dropped the way it did back then. Concerns that the Fed would tighten rates so much that it would squeeze the economy into recession was always an absurd notion to begin with. We now see that for the folly that it always was. And the panic that the U.S. and China were heading for a full-blown trade war was just as preposterous. That misguided fear has also been quashed.
And we had been saying it all along.
That's not to say there aren't concerns. There are. But the economy is doing fantastic. The jobs market has literally never been better. The Fed is on hold. And the U.S. and China seem determined to get a trade deal done.
And the market hasn't been wasting any time making up for last year's pullback.
What a year it's been so far. And it looks like there's a lot more upside to go.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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Stocks soared yesterday, making up for Wednesday's subdued response to the Fed's hold on rates.
