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Markets Up Three Weeks In A Row, S&P At New All-Time Highs
Stocks closed modestly lower on Friday, but sharply higher for the week, making it 3 up weeks in a row.
The S&P broke out to new all-time highs last week, while the Dow is just 0.86% away, and the Nasdaq is just 1.77% away from making new all-time highs of their own.
Traders cheered the Fed's indication last week that they might cut rates, saying they will step in to "sustain the expansion" if needed.
And optimism continues to grow ahead of President Trump and President Xi's meeting at this week's G20 summit. Delegations from both countries will be holding talks in preparation of the presidential meeting where market watchers are expecting a real breakthrough to take place, and maybe even an agreement.
Stocks also brushed off growing tensions between the U.S. and Iran after it was reported that Iran shot down a U.S. drone in international airspace. In response, it was reported that the U.S was 10 minutes away from striking specific Iranian targets in retaliation, but was called off due to the projected casualties.
Many still expect a response from the U.S., but it's looking like it will be a more measured response. Especially since President Trump was pretty clear that he does not want war with Iran, and that the incident might have been an unintentional error on Iran's part.
Given that, the markets breathed a sigh of relief, and were able to turn their focus back to the economy and trade.
And with a strong economy, the best jobs market ever, and the prospect of a long awaited U.S-China trade agreement just a few weeks away, stocks look better than ever.
These are truly historic times for the economy and for the market.
So make sure you're taking full advantage of it.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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