Market Wrap-Up for Feb.1 (JPM, MS, EMN, MRK, PRGO, AXP, more)
The markets screamed higher today, as the recent stream of optimistic economic data points is helping build a deeper confidence in investors’ minds.
We witnessed another strong move in the financials, with names like JP Morgan (JPM), PNC Financial Services (PNC), American Express (AXP), and Morgan Stanley (MS) pacing the way higher. Earnings results played a factor as well. Solid numbers out of Perrigo Co. (PRGO), Chubb (CB), Eastman Chemical (EMN), Ingersoll-Rand (IR), and Franklin Resources (BEN) had those shares higher, while investors hit the pause button following results from National Oilwell (NOV) and Merck (MRK).
We cover all of these stories in depth and much, much more on The Dividend Daily.
We have touched the Dow 14K level once again (last time was October 2007), as the upbeat stream of economic data is making its way through the markets, fueling investors and traders alike. The money flow back into stocks has been heavy and will likely continue for the immediate future. Some will be coming out of bonds as the “flight to safety” trade begins to unwind. Is the coast clear? It really never is, but at least there is better news coming from the companies we follow when it comes to hiring initiatives that has been sorely lacking in recent times.
Now that doesn’t mean the job market will flow like decades past, but we should certainly see some sort of slowdown in the number of people who remain out of work for years at a time. A country can not sustain a tremendous economy built around a nation of dependents. Not only do we want to make sure opportunities are out there, we also want to see an end to the “it doesn’t pay to work” math formulas that have kept so many people out of the workforce in recent years (i.e. “I can make more money on unemployment than I can working).
From an investor’s standpoint, pullbacks should be great opportunities to scale into long-term positions. We will still be having moments where things could get frothy and we will certainly remind investors that stocks do go down. How to handle the shifting landscape is to remain balanced and continue to look for opportunities for your capital to grow. As I tend to remind those who may be out in the world still hustling, proceed as you do. Try to improve your financial foundation whenever possible. Learn new skills, pursue attractive business opportunities, and above all, remain true to who you are, sharing some of the lessons you’ve learned along the way with others.
Looking Toward Next Week
Looking ahead to the next week for stocks, we will get a slew of earnings from across many sectors, with companies like Estee Lauder (EL), Walt Disney (DIS), Phillip Morris International (PM), Hasbro (HAS), and Allstate (ALL) reporting results.
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