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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Drop On Covid Fears As Election Draws Near
Image: Bigstock
Stocks sank yesterday with all of the majors down by roughly -3.5%.
The growing fears of another lockdown continued to weigh on stocks.
As Europe grapples with increasing virus cases and talk of more shutdowns, that fear is spooking U.S. investors given the rise in cases here in the U.S. as another shutdown would hamper growth.
Fortunately, our economy has been on a strong path of recovery. In fact, it's been the fastest economic rebound in history. And because our economy was so strong going into the pandemic, it's allowed us to strongly bounce back.
But new targeted shutdowns would be a setback.
In the meantime, an illustration of how strong our economy has been will be on full display this morning when Q3 GDP is released. The official consensus is expecting a 30.9% growth rate (which would be a record). But some have estimates even higher with the Federal Reserve Bank of Atlanta's estimate coming in at 37.0%. That report will definitely be one to watch.
We'll also get Weekly Jobless Claims, and the Pending Home Sales Index.
Election uncertainty is also factoring into the market with November 3rd fast approaching.
Earnings season usually buoys stocks. But we have not seen any of that so far this week.
Nonetheless, the economy continues to impress. And once the election is over, the negotiation over stimulus is likely to resume in earnest. And that should be a big positive for the market.
Even though we've seen a spectacular rally so far (recent pullback notwithstanding), it looks like there's a lot more upside to go.
A lot of the stocks people will buy at these new lower prices will likely turn out to be long-term holds. Especially if they're combined with strong fundamentals. And there's nothing like sitting back and watching the gains rack up.
But too many long-term investors see their hopes dashed when their once promising investment turns sour and they scramble to cut losses.
Don't be that person.
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