Excerpt from Louis Navellier's Marketmail - 5/15/2018
Last week, my headline was "The Best Earnings in 7+ Years Deserve a Better Market Than This!" and the market must have been reading what we wrote. The Dow rose seven days in a row, rising 2.34% for the week. The S&P 500 rose 2.41%, the Russell 2000 rose 2.63%, and NASDAQ rose 2.68% last week.
First-quarter announcement season is winding down and the S&P 500 has so far posted 25% average annual earnings growth and 8.3% average annual sales growth. First-quarter S&P 500 earnings have been an average 7.1% better than analysts' consensus expectation, so it has been a stunning earnings season.
On Tuesday, President Trump announced that the U.S. was pulling out of the nuclear inspection deal with Iran. The market initially fell, but then quickly resumed rising. No matter what other "bad" news came out, the market kept rising. With the underlying sales and earnings growth of the stock market so strong, I wonder what the financial media will cook up next to try to spook investors into selling stocks..