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The markets chalked up more green arrows yesterday and added to their winning ways, as the Dow, the S&P, and the Nasdaq all made new all-time highs.
The gains were widespread across virtually every sector. Basic Materials, Industrials, and Financials were especially strong.
I suspect we'll see more strength in the Defense Sector too as reports came out after the close yesterday that the Senate passed a $700 billion defense bill. This is in line with the Trump administration's push for increased military spending.
It's also noteworthy to mention that Northrop Grumman yesterday said it would buy Orbital ATK for $7.8 billion.
This is just more confirmation of the level of action and interest in this space right now and that should be good for defense stocks.
But quite frankly, the whole market is exciting right now. And the number of positive developments in the economy far outweigh any negatives.
The market's climb to new high after new high clearly underscores this sentiment.
And it suggests more new highs to come.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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