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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Up As Optimism For The Reopening Helps Offset A Tumultuous Weekend
Image: Bigstock
Stocks closed higher yesterday to start the week on a positive note.
Continued optimism for the reopening of our economy underpinned stocks, in spite of the tragic economic set back due to rioters over the weekend vandalizing and looting businesses.
But those who can open are anxious to do so. And the communities they operate in are eager to support them.
It also looks like there's growing momentum for a fourth relief/stimulus bill to further help those hurt by the pandemic. States and businesses are even more in need of assistance in the wake of additional hardships after the weekend unrest.
Traders will also keep watching developments from the White House concerning China. On Friday, the President announced several steps his administration is taking in response to numerous grievances, including China's role in the spread of the coronavirus, and the passage of new security measures that threaten the autonomy and liberties of the people of Hong Kong.
Traders were relieved after the announcement on Friday, as the actions, while strong, appeared to be less severe than had been feared. But we also haven't heard back from China on whether there will be any retaliation, and if so, what?
For now, the focus remains on the reopening of our economy.
And that continues to fuel stocks.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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