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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
Image: Bigstock
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,
Kevin Matras
Executive Vice President, Zacks Investment Research
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