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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Soared Yesterday, Nasdaq Makes Another New All-Time High
Image: Bigstock
Stocks closed sharply higher yesterday as the historic rally continued and the Nasdaq made another new all-time high.
Last week's better than expected Employment Situation Report where it showed we gained another 4.8 million jobs vs. expectations for 'just' 3.0 million jobs, continued to buoy the market. And that comes on the heels of the previous month's blowout Employment Report which showed 2.7 million jobs were gained vs. expectations for -7.7 million jobs lost.
And that follows a long list of other strong economic reports in the past couple of weeks proving the economy is bouncing back bigger and faster than had been expected.
And even though new coronavirus cases have been on the rise, the market's gains suggest that traders view this as transitory and that it will not significantly impact the long-term reopening of the economy.
Of course, if the spread continues, or worsens, or if the mortality rate starts to increase, that will be bad news health-wise and for the economy, because that would suggest greater measures might need to be taken to get it under control.
But for now, the economy continues to reopen, bumps and all, and we're seeing great pent-up economic demand being unleashed virtually everywhere. And that's why stocks continue to soar.
And quite frankly, there's also a good deal of excitement over the prospect of having a vaccine ready either by year's end or early next year. While that sounds like a long way off, the market is forward looking.
Gilead, Pfizer, and AstraZeneca all have vaccines in the works that have shown positive results. There's plenty more testing to do. But the race is on. And once a vaccine is finally approved, that will be a day to remember as it will mark the beginning of when the whole world can finally get back to normal and put this pandemic behind us.
In the meantime, the 'Great Suppression' is over, and top analysts are expecting unprecedented economic growth for the remainder of the year.
This is history in the making, 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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