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Day Five Of Gains Since Bouncing Off Support Last Week
The markets continued their winning streak to five days in a row after successfully testing support last Friday.
We're now down just -4.93% from the all-time highs.
With a robust economy, historical tax cuts, and surging corporate earnings, the market has never looked better.
In other news, yesterday's weekly Jobless Claims rose by 7,000 to 230,000. In spite of the slight increase, jobless claims remain near their lows since this bull market began nearly 9 years ago.
The Philadelphia Fed Business Outlook Survey jumped to 25.8 from the previous month?s 22.2 and views for 21.0.
The Empire State Manufacturing Survey slipped to 13.1 from the previous month?s 17.7. Analysts were quick to point out that conditions look strong with new orders and unfilled orders building.
Industrial Production edged lower by -0.1% vs. the consensus for a 0.2% increase. Many analyzing this report consider this reading an anomaly compared to the surging strength seen in the Philadelphia Fed report mentioned above.
The Producer Price Index showed a 0.4% increase on a m/m basis. On a y/y basis it was up 2.7%. Less food, energy & trade services, it drops down to 2.5%. Healthy inflation pace. But nothing to worry about. Those wringing their hands in the last couple of weeks over inflationary concerns are at best premature, and at worst, dead wrong.
The Housing Market Index came in at 72, unchanged from the previous month and in line with expectations. The report noted that home builder confidence is strong and that traffic is a highlight with first-time home buyers coming into the market.
And lastly, the Bloomberg Consumer Comfort Index rose to 57.0 from the previous month's 54.4. This was an expansion high reading!
The economy looks strong. Market does too.
Hoping today makes it six days in a row of gains since bouncing off of support last week.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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The markets continued their winning streak to five days in a row after successfully testing support last Friday. 
