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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Pulled Back Yesterday As Congress Works On Relief Bill
Image: Bigstock
Stocks pulled back yesterday as the market waits to see if Congress can pass a fourth stimulus bill.
There have been three such bills passed so far totaling nearly $3 trillion, the biggest of which was called 'The Cares Act'.
This latest effort has been dubbed 'The Cares Act 2' and will likely be in the range of $1-1.5 trillion.
Gladly, both parties want to provide additional relief to those hardest hit by the virus, which means a compromise is likely to be reached. But you know how Washington can be. Nothing is certain. And things can change quickly. In fact, just the other day we were hearing that a bill might not get done before the August recess. But it looks like it's back on.
Either way, time is of the essence since a lot of the benefits from previous relief bills expire by month's end.
Aside from that, traders continue to watch the virus counts, news on therapeutics and vaccines, and earnings.
In other news, Weekly Jobless Claims increased by 109,000 to 1.416 million, ending a 15-week streak of falling claims. But the 4-week moving average ticked down by -17,000 to 1.360 million.
The Kansas City Fed Manufacturing Index increased to 3 vs. last month's 1, but did miss the consensus for a print of 5.
Leading Indications increased by 2.0%, but again, missed the consensus for 2.5%. Although, it was nice to see last month's report of a 2.8% gain being revised up to 3.2%.
Today we'll get the PMI Composite Index, and New Home Sales report.
It won't take much for the major indexes to finish positive for the week. And any kind of good news could do the trick.
Either way, keep your eyes on the big picture.
Top analysts are calling for unprecedented economic growth for the remainder of the year.
And that's why it looks like stocks have a lot more upside to go.
So make sure you're taking full advantage of it.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
The Executive Vice President of Zacks, Kevin Matras is very optimistic about our country's financial future. He expects the stock market to soar as coronavirus-related fear diminishes and pent-up economic demand is unleashed when the pandemic subsides.
What's the key to being successful? Knowing the right strategies and where to find stocks that will lead the market when it rebounds.
For a limited time, Kevin is offering his hardcover book, Finding #1 Stocks, absolutely free so you can be in the best position as stocks begin to rise. In the book, he shares exclusive secrets to picking stocks including the exact formulas of strategies that produced gains of +122.2%, +153.0%, and even +156.8% from 2017 through Q2 2020.
This brief opportunity will end at midnight Saturday, July 25th or when inventory is depleted. Don't miss your chance to get an edge in the game.
With the market expected to remain volatile over the near-to-medium term, potential plays can be identified by signs of relative price strength. Read More »
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