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Daily Market Update
with JJ Kinahan

5 min read

Keep on Rolling: Stocks Rack Up Record Highs as Earnings, Housing Data Look Solid

(Friday Market Open) If you’re bullish, this must feel like the week that keeps on giving.

Sure, there was a slight hiccup a couple days ago, but since then things have gone pretty much straight up. Stocks seem ready to continue that today, with gains in pre-market trading. Momentum means a lot right now, and indices are rolling up new record highs almost every day. 

Earnings season is off to an impressive start, and geopolitics are relatively quiet for now. The S&P 500 Index (SPX) reached 3300 for the first time yesterday, and Alphabet’s (GOOGL) market cap hit $1 trillion.

Housing starts last month hit an eye-popping 13-year high, the government said Friday. They rose nearly 17% to an annualized pace of 1.61 million, way above analyst predictions. Low mortgage rates and the healthy job market probably play a part, while sectors ranging from Financials to Materials could possibly get a lift if housing keeps up this pace. 

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