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Plus New Zacks Strong Buys for Tuesday, December 10
Profit from the Pros By Kevin Matras Executive Vice President
Good News On US-China Trade Deal And USMCA Bode Well For Stocks
Stocks closed modestly lower on Monday after soaring on Friday following a blowout jobs report.
And stocks look poised for even more gains.
Reports that China is pushing hard to make a deal with the U.S. was underscored by comments from a Chinese Deputy Commerce Minister who said China wants "satisfactory results as soon as possible."
China is well aware that December 15th is fast approaching, which is when President Trump has said new tariffs on $160 billion worth of additional Chinese goods will go into effect. The President has postponed these tariffs before, and could do it again. Nevertheless, China would love to get a phase one trade deal in the books asap to put the threat of increased tariffs behind them.
The market also got good news on the USMCA trade deal when it was reported that negotiators from all three countries reached an agreement on changes to the enforcement provisions. Enforcement concerns were being touted as the reason for the hold-up in the House. With this sticking point being resolved, it's expected to be brought to the floor for a vote either by year's end or early next year.
After a spectacular year so far with the Dow up 20.2%, the S&P up 25.1%, and the Nasdaq up 29.9% (with 3 weeks left to go), the prospect of a U.S.-China trade deal, and USMCA trade deal just weeks away, could usher in even bigger gains in 2020.
I'm still looking for an end-of-year rally this year.
But I'm even more looking forward to doing this all over again next year.
These are historic times for the economy and the market.
So make sure you're taking full advantage of it.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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Stocks closed modestly lower on Monday after soaring on Friday following a blowout jobs report.
