Stocks Extend Their Winning Streak, Closing Near All-Time Highs

Stocks closed higher again yesterday, and it was the 7^th up day in a row for the Dow, and the 6^th up day out of seven days for the S&P.

Both the Dow and the S&P are less than 1% away from their all-time highs.

The backdrop to all of this, of course, is the strong economy and record jobs market.

Traders are also bullish on our low interest rates, which look like they are about to go even lower next Wed. (9/18).

The markets also cheered reports yesterday that President Trump, in a show of 'good will', is going to delay the onset of new tariffs on $250 billion of additional Chinese goods by two weeks. Instead of implementing them on October 1^st, they will be pushed out to October 15^th, which is after China celebrates their 70^th year anniversary of the People's Republic of China.

It was a modest gesture. But a welcomed gesture nonetheless.

And this comes on the heels of Wednesday's report that China will be lifting tariffs on some U.S. goods. This too is a modest good will gesture. But it shows that both sides are not only ratcheting down the rhetoric, but also making tangible efforts to get along ahead of their October trade talks.

After the close, it was reported that President Trump would consider an interim trade deal with China. Although, he made it clear the U.S. would prefer a full agreement.

But again, this underscores the idea that both sides are interested in finding a solution to the trade impasse.

If all goes well today, the markets are poised for another weekly gain, making it 3 up weeks in a row for the Dow, the S&P and the Nasdaq.

And then next week we'll get the Fed and likely interest rate cut. And that should usher in week number 4 of gains.

As I've been saying over and over this year -- this is an historic time for the economy, and historic time 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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