(Cleveland)--A strong earnings season is the reason behind Friday's record stock market highs, according to Michael Bee, Managing Director of Boyd Watterson Asset Management.
Bee says companies like Microsoft, Visa, Bristol Meyers, Chevron and Google have had good earnings reports, and they've done well in a soft economy, leading to higher share prices.
Bee says he expects single-digit gains next year as long as the US and world economies continue to grow.
He says Friday's numbers are a continuation of what we've seen the last few days, strong earnings out of the solid blue chip stocks, and good reports for the third quarter.
Both the Dow and the S&P set records Friday. The Dow rose 195 points, to close at 17,390.
The S&P 500 gained 23 points to 2018.
The Nasdaq rose nearly 65 points.
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