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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Up Again As Economy Expands Its Reopening
Stocks closed up again yesterday, with the large-cap Dow and the small-cap Russell 2000 index leading the way once more with gains of 2.21% and 3.11% respectively.
Stocks have been on a tear as optimism over the reopening of our economy continues to fuel stocks.
In addition to the economic optimism, it was reported yesterday that the number of new daily coronavirus cases and deaths have dropped to the lowest levels since March.
All great news.
It was also great to hear Dr. Fauci say that a second wave of infection is "not inevitable."
That will give people added confidence to go out and start building a greater sense of normalcy into their lives. And that includes going out and spending money. Remember, 70% of our economy is made up of consumer spending. So the more the merrier.
It was also interesting to hear that President Trump and NY Governor Cuomo had a productive conversation on infrastructure projects. The two met yesterday at the White House. Whether that translates into a national infrastructure bill remains to be seen. But Gov. Cuomo was advocating for NY projects specifically. And since both are interested in stimulating the economy, it's quite possible we could see something like that get done.
In the meantime, there's great pent-up economic demand waiting to be unleashed. And as more and more of our economy opens up, the bigger and faster our recovery will be. And that, of course, is great for stocks.
So make sure you take full advantage of it.
That means getting into the right stocks and staying out of the wrong ones.
If you're looking for new stocks to buy with big upside potential, be sure to read our latest commentary on insider trading (the legal kind). When top executives at companies are buying more shares, or when large numbers of executives are making new purchases, that can send a powerful signal that something good is happening to that company and will likely happen to that stock. And that can lead to big gains.
To learn more about this type of insider trading and how you can benefit from it, please check out our latest commentary...
Suddenly, not 1 or 2 or 3 but 7 top officers dug into their own pockets and bought over 109,000 shares of their little-known, regional company. Only one reason: They're convinced the stock is going up in price.
Using a proprietary strategy, we targeted that insider buying spree plus a handful of other compelling stocks with fresh insider purchases. These time-sensitive opportunities are now open to public view – but only until Sunday, May 31.
Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. Read More »
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