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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Up Again Yesterday As This Historic Rally Continues
Stocks finished higher again yesterday, with the S&P making another new recovery high, and the Nasdaq making another new all-time high. (It never gets old saying that.)
This makes it 4 up days in a row for the Dow, 4 up days in a row for the S&P, and 6 up days in a row for the Nasdaq.
Earnings season continues to lift stocks.
Same for the better than expected economic reports. That was on display again yesterday with the PMI Services Index which came in at 50.0 vs. last month's 47.9 and views for 49.6.
The ISM Services Index underscored those gains with a print of 58.1 vs. last month's 57.1 and estimates for 55.0.
We still don't have an agreement yet on a fourth coronavirus relief/stimulus package. But optimism remains that a deal is likely to come soon. However, absent a deal, the President has said he's prepared to offer aid through an executive order.
Aside from that, traders will be looking forward to tomorrow's always important Employment Situation Report.
You'll remember, the last two reports have been blockbusters with last month's Employment Report showing we gained 4.8 million jobs vs. expectations for 'just' 3.0 million jobs; and that came on the heels of the previous month's Employment Report which showed 2.7 million jobs were gained vs. expectations for -7.7 million jobs lost.
The consensus for tomorrow is 2 million jobs gained, with the unemployment rate ticking down from 11.1% to 10.5%.
Although, it should be noted that yesterday's ADP Employment Report came in at just 167,000 new jobs gained vs. expectations for 1.888 million. That's a big miss for a report that's often considered a precursor to the official Employment Report that follows. But those familiar with the ADP report, also know that their numbers can be markedly different, and they often are.
Yet given the fact that the reopening efforts have hit some setbacks, it does suggest we could see a softer number. But again, we've seen positive surprise after positive surprise on the economic and jobs front, so you never know.
But setbacks notwithstanding, the pent-up economic demand we've seen so far has been huge. And as the reopening expands, it's only going to get bigger.
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.
There have already been plenty of winners so far. And it's no secret that some of the best outperformers have come from the tech sector with countless double-digit and triple-digit winners. And that trend looks as strong as ever with no hint of slowing down.
If you're trying to take full advantage of this historic recovery, you need to know who the next big tech innovators are. Because right now, we're on the verge of the next advancement in mobile networking technology. The coming data revolution and the Internet of Things will all rely on the promise of 5G.
If you don't know what that is, and how to profit from what's being billed as the 'biggest tech breakthrough in a generation', then be sure to read our latest commentary...
Imagine buying Microsoft stock back when people first started using PCs to access the internet. Or Amazon in the early days when it built the foundation of the retail juggernaut it is today. Those investments in world-changing companies could have been life-changing for you.
Today, we're looking at a new technology that could transform the world as much as the invention of the internet. Our research shows that 3 stocks could skyrocket as leaders in this space. The potential profits for early investors are staggering.
Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. Read More »
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