10 Feb Stocks Moving Higher Again Today
Stocks rally this morning as fears of the Coronavirus fade. Although the risk is still great, many in China are returning to work today after hibernating for a number of days to avoid catching the virus. The past couple of weeks have taken a toll on many retail and hospitality businesses in China, especially the tourist industry. Many hotels are facing significant struggles now as a result. Until people feel comfortable traveling to China, their economy will continue to suffer. Many businesses will fail in the meantime, which is terrible news for the overall economy in China.
Today is a very slow day for scheduled economic reports, so markets will trade heavily based upon the technical picture. With President Trump’s impeachment challenges now behind his, many investors are breathing a sigh of relief, which could turn into a strong day for stocks. Overall, hopes of mortgage interest rates getting much better are incredibly slim in the near ter. This should help get many off the fence who were waiting for lower mortgage interest rates before deciding to purchase or refinance a home. This is good news for the housing market as we enter the stronger spring home buying season.
We will maintain a locking bias.