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Profit from the Pros By Kevin Matras Executive Vice President
Strong Earnings Season Lifts Stocks, S&P And Nasdaq Up For The Week
Image: Bigstock
Stocks closed up on Friday, with the S&P and Nasdaq closing up for the week as well. (The Dow just missed closing up for the week by a fraction of a percent.)
Better than expected economic reports and another week of strong earnings lifted stocks. The earnings picture in particular was underscored by Thursday afternoon's blowout sales and earnings numbers by Facebook, Amazon, Apple, and Google.
Earnings season continues to roll on with another 1,841 companies reporting this week. And another 1,193 companies next week. And that's great news, as stocks typically go up during earnings season. And that's what we're seeing so far with this earning season.
It was a little disappointing that Congress wasn't able to pass a fourth coronavirus relief/stimulus bill on Friday, as that was the deadline when many people will lose their benefits that the first three packages provided. However, it was encouraging to hear that Congress will suspend their planned August recess this week so they can keep working on the bill. That shows both parties want to get something done, and that's a positive.
In the meantime, the bullish momentum for stocks continues.
We'll get a host of economic reports this week. But the main event will be Friday's Employment Situation Report.
Traders will also be paying attention to any news regarding COVID therapeutics and vaccines. Currently, there are four vaccines in advanced trials, with 160 vaccines in development worldwide, along with hundreds of possible treatments. But the game changer will indeed be a viable vaccine as that will mark the day the world can finally begin to get back to normal.
For now, stocks are benefiting from the economic reopening (bumps and all), as the pent-up economic demand has been huge.
And with analysts calling for unprecedented growth for the remainder of the year, it looks like there's a lot more upside to go.
So make sure you're taking full advantage of it.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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