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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Closed Mixed, But Nasdaq Makes Another New All-Time High
Stocks closed mixed, but the Nasdaq was up again notching another new all-time high and close in the process.
The economic reopening continues. And as a result, the economic reports continue to get better as well.
We've seen a wave of better than expected economic reports over the last couple of months. And that continued yesterday with the Weekly Jobless Claims coming in better than expected, and declining for the 14th week in a row.
That also comes on the heels of Wednesday's MBA Mortgage Applications report which showed the composite Index up 2.2% last month, with new purchase applications up 5% (which is a 33% increase over last year at this time), and refi's up 0.4% (which is a 111% increase over last year).
And that comes on the heels of Monday's PMI Services Index and the ISM Non-Manufacturing Index which showed monthly gains of 27.7% and 25.8% respectively.
While the rise in coronavirus cases remains a concern, the market's actions suggest that traders view this as transitory and that it will not significantly impact the long-term reopening of the economy.
One look at the litany of economic reports shows the enormous amount of pent-up demand being unleashed.
As the country continues to reopen, the economy will continue to get stronger, and stocks should continue to climb.
And with top analysts expecting unprecedented economic growth for the remainder of the year, along with record-setting growth next year, it looks like stocks have a lot more upside to go.
This is history in the making.
So make sure you're taking full advantage of it.
Executive Vice President, Zacks Investment Research
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