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Stocks On Pace To Continue Their Winning Streak

Stocks finished mixed yesterday, but are on pace for another weekly gain. If so, that will make it 4 weeks in a row for the Dow, 6 weeks in a row for the S&P, and 7 weeks in a row for the Nasdaq!

The markets continue to expect the U.S. and China to formalize and sign their phase 1 trade agreement within the next few weeks. And traders have been shrugging off talk of friction in the last few days.

What happens with phase 2 and phase 3 – who knows. But for now, all the market seems to really want at this point is some kind of deal, a reduction in tariffs, and a constructive path for continued talks. All of that appears to be on track. And that's why stocks continue to trek higher. But once an agreement is finally signed and made official, the markets are likely to surge in relief.

The market also got some good news on the USMCA deal yesterday when Speaker of the House Nancy Pelosi said she'd like to see it get "done this year." In fact, she suggested that a deal between the House and the administration could be announced within the coming days, even using the word "imminent."

And quite frankly, the ratification of the USMCA could provide an even bigger boost to the economy and the market given that we export more than 5 times as much to Canada and Mexico (our two largest trading partners), than to China (our third largest trading partner).

In the meantime, our economy looks great.

And so does the market.


Adam Arif

Editor, Zacks Investment Research


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