Dan Celia: Technology Stocks Bring Energy to Markets and Industries
September 2, 2020
PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia said today that despite the coronavirus pandemic and the latest US Department of Labor report indicating slower job growth over the next ten years, technology is affecting almost every industry and bringing major energy into the markets.
“On Tuesday we had another great day in the markets,” Celia said. “The NASDAQ and the Russell 2000 up over 1%, the S&P 500 up 0.75 (three quarters of 1%). The Dow was only up a quarter of 1%, but the Dow continues to build on the best August since 1980. Most of the energy in the market is still coming from technology stocks.
“One of the optimistic things that happened on Tuesday—really the big thing—is the ISM manufacturing number came in better than expected. How is that—that the ISM manufacturing numbers continue to get better? Wait a minute, I thought nobody was working? I thought there was no economy? Well, if somebody’s out there working and somebody’s out there buying, then manufacturing continues to rise.
“The US Department of Labor indicated today that job growth is expected to slow sharply over the next 10 years. I have to believe that’s going to be the case when we look at what technology is doing to almost every industry, but we’ve got a record breaking housing industry, and we’ve also seen home prices suddenly take big gains—bigger than it has in the last two years. Of course, prices are going to go up, demand is high, supply is low, and I don’t think the demand is going anywhere.
“When we look on the surface, it looks like by all accounts, the economy is clicking along amazingly well based on what is going on as a result of the pandemic. I don’t know if it’s going to be before this election (I hope not), or after this election, but we’ve got to see one of two things: We’re either going to see a correction, which would be a healthy thing for the markets, or we’re going to see corporate earnings through the roof in the fourth quarter and into the first quarter of next year. That could help bring valuations in line.”
Celia discusses these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on more than 660 radio stations and several television networks nationwide, including FISM.TV, viewed on several post-cable television platforms and online.
Read more about Celia, FISM and “Financial Issues” or visit the FISM website, its Facebook page, on YouTube at Financial Issues with Dan Celia or on Twitter @financialissues; download the FISM app here.
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