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The markets rallied yesterday with the Dow and the S&P each up nearly 1% while the Nasdaq and the Russell 2000 Small-Cap Index surged by 1.3% and 1.6% respectively.
The market got off to a great start in the morning as it was clear, before the voting on taxes even began, that the House had the votes. The market then added to their gains in the afternoon as it was confirmed that the House indeed passed their tax cut bill.
The Senate is up next. Their version is expected to move out of committee today or next week. And then it will be voted on shortly thereafter.
As we all know by now, the Senate bill looks different than the House's. Assuming the Senate's version passes next week, the real work of reconciling the two will then begin. But again, Congress seems confident that this will get done by year's end. And judging by yesterday's price action, the market thinks so too.
In other news, yesterday's Weekly Jobless Claims rose by 10,000 to 249,000. That was more than expected. But new claims continue to trade near multi-decade lows.
The Housing Market Index increased from last month's reading of 68 to this month's 70. Analysts noted it was the best reading since March.
And Industrial Production also saw gains with the production numbers up 0.9% vs. views for 0.5%; manufacturing up 1.3% vs. estimates for 0.4%; and the capacity utilization rate at 77.0% vs. the consensus for 76.3%.
All great news for the economy and the market.
Assuming Congress can follow through on their promised tax cuts, the market is looking like it could be ready to soar.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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