Updated: Oct 7, 2020
The streak of weekly stock market losses has ended. Last week, stocks finished higher for the first time in five weeks. Today, with news that the President will be discharged from the hospital, stocks moved higher. Investors appear to, also, be optimistic that additional stimulus will be passed. Economically - Consumer Confidence, Vehicle Sales & Jobless Claims all recently beat expectations. Although, there are some concerns about the overall Employment Situation. The unemployment rate did drop to 7.9% but gains in hiring were the smallest since the economy reopened. The remainder of the week is relatively quiet, on the economic side, with various Jobs reports being the main data point being released, later this week.
The positive returns of last week's stock market followed by today's jump shows growing strength. Based on our market strength indicators and trends analysis, stocks are Strong.