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Profit from the Pros By Kevin Matras Executive Vice President
S&P Hits Another New Recovery High, Nasdaq Makes Another New All-Time High
Image: Bigstock
Stocks finished solidly higher again yesterday, with the S&P making another new recovery high, and the Nasdaq making another new all-time high.
Earnings season continues to lift stocks.
Same for the better than expected economic reports. That was on display again yesterday with the Motor Vehicle Sales report showing 14.5 million units (annualized) sold vs. last month's 13.1 mil. and views for 14.0 mil.
Retail sales via the Redbook report showed y/y sales down -7.1%. Obviously, there's no comparison to last year (when there was no virus). But the fact that sales improved in this month's report vs. last month's report which showed a -7.2% y/y decline is the takeaway.
And Factory Orders showed a 6.2% m/m increase, beating the consensus for 5.2%.
Stocks also got a boost on reports that progress is being made on a fourth coronavirus relief/stimulus bill. Congress has yet to come to an agreement on what to do next, in spite of last week's expiring unemployment benefits and eviction protections that were provided in the previous relief bills. But both parties sounded hopeful that something can get done. After all, Congress canceled their August recess this week to continue work on the bill. And nobody wants to be the one holding up badly needed aid during an election year. So while nothing is certain in Washington, there is optimism that a package is coming.
In the meantime, stocks are climbing as the economic recovery continues on.
The reopening has hit some snags. But even with these unfortunate setbacks, the pent-up economic demand has been huge. And it's only going to get bigger as the reopening expands.
That's why analysts are calling for unprecedented 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.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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