What Turkey currency crisis?
Despite an onslaught of tariffs put on by President Trump, retaliatory tariffs that followed from major countries, a nasty market correction in February, and inflation on the rise, the market is up this year.
Thursday's trading action has the S&P 500 I:GSPC at its twenty-second best day of the year, up roughly .95%. Its best day of 2018 so far was March 26, when the index gained 2.72%. A lot would have to happen for the market to reach that gain Thursday, but it has still done pretty handsomely.
News flow was mostly positive on Thursday.
Walmart (WMT) - Get Report posted a a much better-than-expected earnings report, sending the stock up more than 9%. Also, China and the U.S. are set to reportedly resume trade talks. Important to note, J.C. (JCP) - Get Report Penney has been a drag on the market, crashing as much as 27% after a disappointing second quarter earnings report.
The market has been unfazed by Penney's mess.
More retail companies are expected to report earnings Thursday after the bell, namely luxury department store Nordstrom (JWN) - Get Report . Interestingly, it could be retail that emerges as somewhat of a catalyst for the broader market, at least near-term.
"Many investors once left the sector for dead, but clearly there's more than a little life left," Mike Loewengart, Vice President of Investment Strategy at E*trade (ETFC) - Get Report told TheStreet. Amazon (AMZN) - Get Report has forced traditional retailers to get with the times, Loewengart said. "Confidence is up, but also the Amazon effect forced retailers to become lean, evolve, and thrive."