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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Soar On Friday, But End Lower For The Week
Image: Bigstock
Stocks closed sharply higher on Friday, but were still down for the week.
Inflation concerns weighed on stocks at the beginning of the week. Although, those fears seemed to dissipate as the week wore on. The hand-wringing over something we've been waiting for and actively trying to stimulate, seemed premature at best (we're still below the Fed's desired target), if not misguided (for years the Fed has been more concerned with low inflation than high inflation).
Same for the concerns over the cyberattack on Colonial Pipeline (the largest U.S. pipeline). The gas shortages and long lines on the east coast was a bit jarring. But it proved to be transitory as they were able to get back up and running later in the week.
Tensions in the Middle East also added to the week's volatility. But it was not having a material impact on the U.S. economy or the market.
Earnings season is still going, but it's winding down with only 696 companies reporting earnings this week. And then only 203 next week.
But it's been a stellar earnings season. And even more impressive than the numbers being reported, are the outlooks for what's to come. And that bodes well for more gains ahead.
In the meantime, the major indexes are within striking distance of their all-time highs.
And with big economic gains expected for the rest of this year (full-year GDP is expected to come in at the fastest pace in 36 years), it looks like there's a lot more upside to go for the market as well.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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