Stocks Close Solidly Higher, Putting Them In The Plus Column For The Week  Image: Bigstock Stocks closed solidly higher yesterday, putting all of the indexes back in the green for week. The war on Ukraine continues. Inflation is still too high. And oil is still too expensive. But the economy continues to impress. And so do corporate earnings, which are increasing, while valuations are decreasing. Traders have taken notice. And the positive financial news that has been drowned out lately, just couldn't be ignored any longer. Doesn't mean we won't see any more volatility. You can bet we will. But the panic selling that we saw punctuate the previous few weeks, may be over. In other news, retail sales via the Redbook report showed same store sales up 12.4% y/y. That's down a tad from last week's pace of 12.6%. But is still exceptionally strong. And the Richmond Fed Manufacturing Index jumped to 13 vs. last month's 1 and the consensus for 0. Today we'll get MBA Mortgage Applications and New Home Sales. And Jerome Powell will speak today at the Bank for International Settlements Innovation Summit (virtual), before a panel on Emerging Challenges for Central Bank Governors in a Digital World. (Since his comments on Monday moved the market, traders will be listening to everything he says today just in case.) There are plenty of positive things to get excited about in the economy and the market. We are not necessarily out of the woods yet. While the Dow and the S&P have exited correction territory (the Nasdaq is not that far behind), there are still plenty of challenges as well. But at the moment, it looks like the correction lows may have been overdone. And with the fundamentals finally getting some focus again, stocks have been racing higher. Let's hope we can see more of that again today. See you tomorrow,  Kevin Matras
Executive Vice President, Zacks Investment Research | 
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