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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Up On Earnings And Positive Signals On Stimulus
Image: Bigstock
Stocks closed up yesterday, finishing near their highs of the day.
Uncertainty over stimulus continues. But more positive signals were sent by the Speaker yesterday when she said "we're just about there."
As I mentioned yesterday, if a deal has any chance of getting passed before the election, it will likely need to get done by week's end so it can get voted on by the Senate. But even then, it will have to be marked up, and debated first. That takes time. And it still has to pass.
Nonetheless, just getting the White House and the Speaker to come to an agreement would be a huge first step to getting it done. And whether it gets implemented before the election or after will not make too much of a difference to the market. Each day, of course, is vital to the individuals and businesses who need the help. But in aggregate, as long as the money is coming, it should be supportive for stocks.
In other news, Weekly Jobless Claims came in better than expected falling -55,000 at 787K. And last week was downwardly revised with -56K fewer new claims.
Existing Home Sales increased to 6.540 million units (annualized) vs. last month's 5.980M and views for 6.200M. On a y/y basis it's up 20.9%.
Leading Indicators beat expectations as well with a m/m gain of 0.7% vs. estimates for 0.6%.
And the Kansas City Fed Manufacturing Index increased to 13 from last month?s 11. While that was in line with expectations, it's an 18.2% m/m gain.
The market will continue to monitor developments regarding stimulus.
And continue digesting the steady stream of earnings reports.
So far, earnings season is off to a solid start. But it's not surprising given the robust expectations for Q3 GDP growth (+35%), as well as Q4 (more double-digits).
As I've said before, this has been the fastest economic rebound in history. And it looks like it's just getting started.
So make sure you're taking full advantage of it.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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