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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Up For The Second Week In A Row
Image: Bigstock
Stocks closed mostly higher on Friday, with all of the major indexes finishing up for the week, for the second week in a row.
Markets were lower in the morning on worries that the U.S. would announce harsh actions against China for imposing a new national security law in Hong Kong that could threaten their autonomy and democratic freedoms.
On Friday afternoon, the President addressed the China/Hong Kong situation, along with many other grievances with China, including their role in the spread of the coronavirus. In response, he announced that the U.S. would no longer fund the World Health Organization (who was believed to have worked closely with China in suppressing the early news of the virus); we will be suspending the entry of certain Chinese foreign nationals deemed to be a security risk; and we will investigate the practices of Chinese companies listed on U.S. stock exchanges that do not follow the same rules as other companies, thus posing hidden and undue risks for investors.
In addition, he ordered his administration to begin the process of eliminating policy exemptions and privileges that were once afforded the territory; and potentially sanction Chinese officials involved in the erosion of Hong Kong's autonomy.
While these announcements were tough, they were not as harsh as had been feared, and stocks rallied afterwards in relief.
While more measures could be announced, not to mention possible retaliation by China, nothing mentioned on Friday should have any direct negative impact on the U.S. economy.
And that means the U.S. can get back to reopening the economy without any new obstacles standing in the way.
With more and more states expanding their reopening plans this week and next, including some of the hardest hit areas like NY, the bigger and faster our recovery should be.
And that means even bigger gains for stocks.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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