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Plus New Zacks Strong Buys for Friday, February 14
Profit from the Pros By Kevin Matras Executive Vice President
Stocks Poised For Another Weekly Gain
Stocks closed modestly lower yesterday, but are on pace for another up week.
The markets were under pressure in the morning, but spent the rest of the day bouncing back. The S&P and the Nasdaq actually turned positive intraday before ticking back a bit by the close.
Reports of a sharp rise in new coronavirus cases in China weighed on prices early on. But when it was revealed that the jump in cases was likely due to how patients are classified as having the illness, the markets came back. An official at the World Health Organization said it "does not represent a significant change in trajectory of the outbreak", and called it "an after-fact of reporting."
In other news, Weekly Jobless Claims came in better than expected at 205,000 new claims vs. estimates for 211K.
And the Consumer Price Index (less food & energy) came in at 0.2% m/m (up from last month's 0.1%, and in line with expectations), and 2.3% y/y (same as last month, but up a bit vs. views for 2.2%). All in all, no surprises. And inflation remains moderate.
Today should be a busy day of reports with Retail Sales, Import and Export Prices, Industrial Production, Business Inventories, and Consumer Sentiment.
And more earnings with 81 companies on deck today.
We then get a 3-day long weekend as the markets are closed on Monday for Presidents Day.
But trading resumes on Tuesday with a full slate of new economic reports, and another 730 companies reporting earnings throughout the week.
It's been another great week so far.
And it won't take much to finish that way.
Executive Vice President, Zacks Investment Research
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