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Big Gains And New Highs Last Week, Expecting More Of The Same This Week

The markets surged higher on Friday with all of the major indexes posting impressive gains for the day, and the week, and making new all-time highs in the process.

The markets were already trading higher earlier in the day, but then added to those gains after three known Republican holdouts to the tax bill switched from no to yes. Marco Rubio, who wanted a larger child care tax credit, got what he wanted and declared he would now vote yes. Mike Lee, who was also looking for a larger child care tax credit, is also now expected to be on board. And Bob Corker, who originally voted no on the Senate's bill, has come out and said he supports this version. Voting on this final bill will take place early this week and it looks all but certain it'll be on the President's desk by Christmas for him to sign.

The markets cheered the news as this will ignite the economy in 2018 and likely lead to even more spectacular stock gains.

We still have undecideds in Susan Collins and Jeff Flake, so nothing is done in DC until it's done. But it's looking good. And the market seems to think so too.

In other news, the Empire State Manufacturing Survey came in at 18.0, in line with the consensus for the same. Analysts noted that "new orders remain at a robust 19.5 with shipments even more robust at 22.4."

The Atlanta Fed Business Inflation Expectations report ticked up to 2.1% vs. the previous month's 2.0%. A nice improvement.

And Industrial Production gained 0.2% vs. views for 0.3%. Vehicle production eased, but production of business equipment and construction supplies were noted positives.

This week looks like it could be another week in the green. Between all of the great economic reports we've been getting, last week's vote of confidence by the Fed with their rate hike, the belief that Congress will pass their tax cut bill early this week, the market making new all-time highs, and the typical December rally looking as strong as ever, it should be a great week as we head into Christmas.

See you tomorrow,

Kevin Matras

Executive Vice President, Zacks Investment Research

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