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Plus New Zacks Strong Buys for Wednesday, January 22
Profit from the Pros By Kevin Matras Executive Vice President
Stocks End Modestly Lower On Profit Taking
Stocks closed modestly lower yesterday after soaring for 5 months in a row.
Boeing weighed on the Dow the most. But the S&P was down only a fraction of its counterpart. And the Nasdaq, which made new highs earlier in the day, was down even less.
Comments from President Trump, in Davos, that he and President Macron of France have reached a truce on the digital tax, was seen as a positive development.
Mr. Trump also praised the economic boom in the U.S. in a speech earlier in the day. And he said that the deregulation in the U.S. will provide even greater benefits in this new year.
But later in the day, reports that the coronavirus, which has spread in China, made its first appearance in the U.S., coincided with a downturn in the market.
While it's a stretch to blame the pullback on that, it did provide a convenient excuse to pull some profits off the table after a spectacular and long-lasting rally.
But with a solid economic picture, and a strong start to earnings season (stocks typically go up during earnings season), I would expect any pullback to be short-lived, and for the gains to continue.
In fact, I'm expecting another 25-30% gain again this year.
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 yesterday after soaring for 5 months in a row.
