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Plus New Zacks Strong Buys for Tuesday, February 18
Profit from the Pros By Kevin Matras Executive Vice President
Stocks Up For Second Week In A Row
Stocks closed narrowly mixed on Friday, but solidly higher for the week, for the second week in a row.
Concerns over the coronavirus continue, especially after a spike in new cases were reported in China last week. Although, the jump in confirmed cases was believed to be due to how patients are classified as having the illness. And the World Health Organization came out and said it "does not represent a significant change in trajectory of the outbreak."
Nonetheless, worries persist. But thus far, it has not manifested in U.S. stocks. And that's due to the relatively few cases here in the states. And current estimates that the coronavirus will only shave just two tenths of one percent off of Q1 GDP, and maybe another two tenths later in the year. That, of course, could change. And any negative impact is unfortunate. But the U.S. economy, which is in great shape, can easily absorb such an impact.
Separately, Friday marked the official start of phase one of the U.S.-China trade deal. And traders will be looking for details on the anticipated purchase of $200 billion worth of agricultural products, manufactured goods, and other products and services over the next two years, as they come in.
In the meantime, our economy is doing great with a strong GDP, 50-year low unemployment, 20-year high in household income, and near record high consumer sentiment.
And we'll continue to see how corporate profits look as earnings season continues on with another 730 companies reporting earnings this week.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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Stocks closed narrowly mixed on Friday, but solidly higher for the week, for the second week in a row.
