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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Up Again Yesterday, Earnings And Vaccine Hopes Provide Lift
Image: Bigstock
Stocks closed higher again yesterday with all of the major indexes in the green.
The S&P got positive for the year intraday, before closing just under that threshold. But only another 0.13% more gets it above that mark. The Nasdaq, however, is already up for the year with a gain of 17.6%.
Wow!
As I mentioned yesterday, the market will be focused on three things over the coming weeks: the increase in COVID-19 cases, the progress on a treatment or a vaccine, and earnings season.
So far, the market has been brushing off the increase in cases.
But it's been cheering the promise of a vaccine.
And earnings season really just got started, but it's off to a good start.
Two other things I should include on that list are the prospects of another stimulus/relief bill. And the possibility of an infrastructure bill. While it looks highly likely that another stimulus package will get done (maybe by month's end), it's questionable whether an infrastructure bill could get passed before the election.
Nonetheless, those are two other potential positives that could benefit the market.
In other news, yesterday's Mortgage Applications report rose by 5.1%.
The Empire State Manufacturing Survey jumped to 17.2 vs. last month's -0.2 and views for 8.9.
And Industrial Production gained as well with a 5.4% m/m increase, while Manufacturing rose 7.2%.
Just a continuation of the parade of better than expected economic reports that show the economy is bouncing back in a big way.
While there's definitely bumps in the road to the reopening, the economy will reopen. Some areas later than others. But the pent-up economic demand we've seen so far, just on the partial reopen, has been enormous.
That's why we're seeing the litany of better than expected economic reports. Why we've seen stocks soar. And why it looks like there's a lot more upside to go.
And with earnings season getting started, it looks like it could get even better.
Since stocks typically go up during earnings season, that's adding even more excitement to the market. And it's not uncommon to see individual stocks soar 10%, 15%, or even 20% or more in one day after an earnings report.
The key is getting into the right stocks.
If you want to learn how to potentially find big winners this earnings season BEFORE they report, be sure to read our latest commentary...
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