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Stocks Near All-Time Highs, Poised For Upside Breakout

Stocks ended mostly higher on Thursday, while the Dow and the Nasdaq also finished higher for the week. The S&P just missed out. But all three are within 1.7% of their all-time highs.

In fact, we could be just one good piece of news away from breaking out to new all-time highs.

Earning season is off to a great start and could very well be the catalyst for an upside breakout.

Same for a potential U.S.-China trade deal. Although, with a U.S. trade delegation heading back to Beijing next week, and a Chinese trade delegation heading back to the U.S. afterwards, an official announcement of a trade deal isn't likely to happen until mid-May at the earliest.

But the market continues to be patient since both parties seem intent on wanting to forge an equitable and lasting deal. And once it's done, it should propel stocks higher for years to come as it will benefit not only the U.S. economy, but also China's, and lift the rest of the world's economy as well. (If the two largest economies in the world are positioned to benefit from a trade deal, one cannot overstate the positive impact it will have on global growth.)

Add in an already excellent economy at home, the best jobs market ever, low inflation, low interest rates, and record corporate profits, and stocks look ready to soar.

See you tomorrow,

Kevin Matras

Executive Vice President, Zacks Investment Research

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