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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Give Up Gains Ahead Of The President's News Conference On China Today
Image: Bigstock
Stocks closed lower yesterday, giving up early gains ahead of today's expected announcement concerning China.
President Trump is expected to hold a news conference later today in response to China's imposition of a new national security law in Hong Kong. The U.S. and other countries fear Beijing's measures will infringe on Hong Kong's autonomy and democratic freedoms. It's unclear what the President will say or do, but it could include limiting trade privileges and levying sanctions on individuals accused of violating the people of Hong Kong's civil liberties.
Traders are worried what that will mean to the economy and the markets. Stocks have rebounded spectacularly as the worst of the outbreak is behind us and the economy begins to reopen. Any drag on the economy at this time would be unfortunate.
So all eyes will be on the President today to see what he has to say about China.
In the meantime, optimism grows over the reopening of our economy. And more and more states are readying plans for wider expansions as the numbers of new daily coronavirus cases and deaths continue to drop.
It's pretty clear there's a great pent-up economic demand waiting to be unleashed. And as more of our economy opens up, the bigger and faster our recovery will be.
That's great news for stocks. And great news for our country.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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