| Stocks Close Higher, Earnings And The Election In Focus  Image: Bigstock Stocks closed solidly higher yesterday, giving November a strong start.
That was helped by yesterday's ISM Manufacturing Index which came in at 59.3 vs. last month's 55.4 and views for 55.7.
And the PMI Manufacturing Index which came in at 53.4 vs. last month's 53.1 and estimates for 53.3.
Earnings season continues to underpin stocks as well. But that should come as no surprise given Q3's GDP just came in at an unprecedented 33.1%. So Q3's earnings should also be quite impressive. And so far they have been.
But all eyes will be on today's election.
While most are expecting election uncertainty to remain for the rest of the week, if not longer given the additional time to count mail-in ballots, there are others who believe we could have a very good idea who the winner is tonight.
In fact, that's what Goldman Sachs' Michael Cahill and Alec Phillips wrote in a note, just a little over a month ago, saying; "it seems fairly likely that there should be enough information on election night from states that will report results quickly for the market to be able to gauge the likely winner." "In other words, the S&P can trade the likely outcome, even if the AP does not call the race."
We shall see.
In the meantime, the economy continues to improve.
And as long as it does, that should be good news for the market.
See you tomorrow, 
Kevin Matras Executive Vice President, Zacks Investment Research | | Sponsor
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