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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Finish Up, On Pace To Close Higher For The Week
Image: Bigstock
Stocks closed solidly higher yesterday and are on pace to close up for the week.
Fed Chair, Jerome Powell, in is testimony to the House Committee on Financial Services, hit the same notes as he did the day before when speaking to the Senate. He reiterated that the Fed is committed to combatting inflation and restoring price stability.
While acknowledging there was a possibility of a recession, he restated his position that 'the American economy is very strong and well positioned to handle tighter monetary policy.'
And it was just last week that the Fed said it was expecting GDP to come in at 1.7% this year, and 1.7% again next year as well.
In other news, Weekly Jobless Claims fell by -2,000 to 229K. The smoother 4-week moving average came in at 223.5K.
Today we'll get New Homes Sales and the Consumer Sentiment report.
We'll also hear from St. Louis Fed President, James Bullard, today. Earlier this month, he shared that he does not see a recession this year or next. And that he sees a "pretty good second half," driven by "strong consumption this year."
In the meantime, stocks are up nicely from their lows last week, with the S&P up 4.28%. And this week alone, they are up 3.52%.
We were overdue for a bounce. And we seem to be getting it.
But we are also overdue for some bullish follow through as well. Over the last 11 weeks, the S&P was only up in 1 of those weeks. If we finish up for the week this week, that will be 2 out of 12. But every winning streak has to start somewhere. And that could very well be now.
And for those looking to capitalize on the rebound, just remember that valuations have fallen to their lowest levels in more than 2 years.
So there are lots of bargains out there. Make sure you're taking full advantage of it.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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