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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Soar, Dow Exits Bear Market, S&P And Nasdaq On Deck
Image: Bigstock
Stocks soared yesterday after the Senate finally passed the $2 trillion relief package the night before.
It'll get voted on in the House later today. And the President is expected to sign it shortly thereafter.
Yesterday's surge also came on the heels of a record high Weekly Jobless Claims report which showed 3.283 million people filing for unemployment last week.
But instead of stocks tanking, they soared.
And quite frankly, I'm not surprised.
Why?
As I said last week in anticipation of today's report, "once some of these reports start coming out, and the initial shock wears off, I wouldn't be surprised to see the market start moving back up."
And it's all because the market has been pricing much of this in already.
I'm not saying we won't go back down again.
Volatility is here to stay for a while.
But stocks were grossly oversold, and were primed for a rebound.
In fact, the Dow just saw its biggest three-day gain since 1931.
And the Dow, after becoming the fastest bear market in history (it officially went from a bull to a bear (-20%) in just 19 days), just became the fastest bull market in history (+20% in 3 days from its lowest close on Monday). And in total, the bear market in the Dow lasted only 11 days.
Now, I don't want to get too far ahead because the S&P and the Nasdaq have not yet exited bear market territory.
The S&P is 'only' up 17.55% from its lowest close on Monday. And the Nasdaq is 'only' up 13.66% from its lowest close.
So both of those indexes still have more to go to officially shake the label of bear market.
But they are off to a great start.
And soon, when the worst of this is over, the economy and stock market are expected to skyrocket as pent-up economic demand is unleashed.
Because the U.S. economy is poised to emerge stronger than ever before. And that includes the inevitable bull market that follows.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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