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Plus New Zacks Strong Buys for Monday, November 11
Profit from the Pros
Stocks Up Again As Winning Streak Continues
Stocks closed higher on Friday, with the Dow up for the third week in a row, the S&P up for the fifth week in a row, and the Nasdaq up for the sixth week in a row.
Optimism over the upcoming signing of the U.S.-China trade agreement later this month continues to fuel stocks. Same for reports that both countries would remove some tariffs as a result.
There was some concern on Friday, however, after President Trump said that no decision had been made on removing tariffs just yet. But based on previous reports, it's widely believed that some tariff concessions will be made if an agreement can be finalized on phase 1 of the deal.
In the meantime, the U.S. and China are still looking for a new time and place to meet and sign the deal after Chile backed out of hosting the Asia-Pacific Economic Cooperation summit. The two leaders were going to meet there. But now a new venue has to be chosen.
But the markets are clearly expecting a deal to happen.
And that should increase economic growth in both the U.S. and China, and the global economy as well.
In other news, Friday's Consumer Sentiment report ticked up again, rising from 95.5 to 95.7. This is always an important metric to watch given that 70% of our GDP comes from consumer spending.
Note, while today is Veterans Day, the stock market will be open. Although, trading could be a little lighter as some will take the day off in observance.
This week starts off with all of the major indexes in record territory. And with a strong economy, 50-year low unemployment, low interest rates, increasing corporate profits, and household income at the highest level in 20 years, they should be.
And it looks like there's a lot more upside to go.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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Stocks closed higher on Friday, with the Dow up for the third week in a row, the S&P up for the fifth week in a row, and the Nasdaq up for the sixth week in a row.
