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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Mostly Higher To Start The Week
Stocks closed mostly higher yesterday as earnings season continues to impress.
Even though it only just officially began last week, it's already delivering with better than expected earnings. And stocks are responding.
Stocks typically go up during earnings season, and we're seeing that again, so far, with this one.
There's another 350 companies on deck for the rest of this week. Next week we'll get 1,082. And the week after that we'll get 1,859.
In addition to the solid earnings picture, the continuing decline in Covid cases is lifting the economic outlook.
And it looks like it's only going to get better.
That was underscored with yesterday's Housing Market Index which came in at 80 vs. last month's 76 and views for 75.
Today we'll get more housing data with the Housing Starts and Permits report, and a look at retail sales with the Redbook report.
On a separate note, it was reported that China's Q3 GDP came in weaker than expected at 4.9%. That's not so bad, given the consensus was 'only' 5.2%. But that's a sizeable dip from Q2's 7.9%. Troubles in their housing market, and in industrial production weighed on output. Although, exports and retail sales were notable bright spots. China's challenges have not had any impact on the U.S. market. But given their status as the 2nd largest economy, traders will continue to monitor the Chinese economy.
In the meantime, the U.S. economy continues its historic rebound.
And with full-year GDP expected to come in at the fastest pace in 37 years, it looks like there's a lot more upside to go.
So make sure you're taking full advantage of it.
See you tomorrow,
Executive Vice President, Zacks Investment Research
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