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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Up For The 2nd Week In A Row, Nasdaq Hits Another New All-Time High
Stocks closed up on Friday (gaining steam into the close), and up again for the week (2nd week in a row), with the Nasdaq (you guessed it), making another new all-time high!
The economic reopening continues, and so does the economic rebound.
It's been amazing.
Over the last couple of months we've seen a parade of economic reports prove just how amazing the recovery has been so far. And that's why stocks have been soaring.
The best part is that it looks like there's a lot more upside to go - both for the economy, and the market.
Especially with top analysts expecting unprecedented economic growth for the remainder of the year, along with record-setting growth next year.
The increase in coronavirus cases remains a concern. But 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.
As the country continues to reopen, the economy will continue to get stronger, and stocks should continue to climb.
Add in the potential for another $1.5 trillion stimulus bill (on top of the nearly $10 trillion in monetary and fiscal stimulus already injected into the economy), and the prospects look even brighter.
Then add in the potential for a widespread coronavirus treatment, and ultimately a vaccine (there's literally 160 different vaccines being developed worldwide), and you have the makings for a truly spectacular rally of epic proportions.
This is history in the making.
So make sure you're taking full advantage of it.
See you tomorrow,
Executive Vice President, Zacks Investment Research
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