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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Soar On Growing Optimism In The Fight Against The Virus
Image: Bigstock
Stocks soared yesterday amid growing hope against the coronavirus.
Italy is finally seeing a slowing of new cases.
NY saw its first daily drop in fatalities due to the virus.
Some are beginning to lower their estimates for U.S. cases and deaths.
The Mayo Clinic launched a new Covid-19 test yesterday.
And there's buzz surrounding possible therapeutics for the virus.
Regarding the economy:
Some $40 billion in small business loans have already been approved, saving an estimated 3.4 million jobs.
Morgan Stanley came out and said "the worst is behind us" regarding stocks.
And talk of a Phase 4 Coronavirus relief bill totaling as much as another $1.5 trillion could be coming as soon as mid-May.
All of that added up to a huge rally in stocks.
As you know, the Dow already exited its bear market on March 26th, when it closed up more than 20% from its lowest close.
The S&P and the Nasdaq are not that far behind.
The S&P needs to close at or above 2,684.88 for their bear market to end and a new bull to begin. And they came pretty close yesterday, closing up 19.05% from their lowest close. All they need is a little less than 1% more for that to happen.
The Nasdaq needs to close at or above 8,232.80. They closed up 15.34% from their lowest close. So less than 5% more and they'll exit their bear market as well.
The more it looks like we'll avoid the worst case scenario health-wise, the more optimistic it looks for the economy.
And as we get closer to America being open for business again, stocks are expected to soar.
So make sure you're taking full advantage of it.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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