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Stocks Finish Up, Dow And S&P Close At New Recovery Highs
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Stocks closed higher yesterday with the Dow and the S&P closing at new recovery highs, while the Nasdaq led the way in gains and finished at their second highest close of all-time.
Better than expected earnings continue to support stocks.
And so does the better than expected economic reports. That was underscored by yesterday's MBA Mortgage Applications which jumped 6.8% (up 2.0% for the Purchase Index and 9.1% for Refi's).
In other news, the Consumer Price Index showed a 0.6% m/m increase (1.0% y/y). Less food and energy it was still up 0.6% m/m, but 1.6% y/y. That's still below the Fed's desired 2.0% inflation target. But it was a fine enough increase from the last report. As you know, a certain amount of inflation is good.
The Atlanta Fed Business Inflation Expectations Survey showed businesses expecting 1.7% y/y inflation. That's unchanged from the last survey and a bit higher than the trailing y/y inflation numbers above.
Today, the reports on deck are the Weekly Jobless Claims, and Import and Export Prices.
There again was no progress on the fourth coronavirus relief package. But the market seemed to shrug it off. Probably because the executive orders that were signed over the weekend will provide a good deal of the relief/stimulus that the bill would've provided had there been one.
But a fourth bill would still be a benefit as more aid is better than less. And since things can change quickly in Washington, there's always a chance of a breakthrough at any time.
In the meantime, the economy continues to improve. And so do the markets.
And with calls for unprecedented economic growth for the remainder of the year, it looks like there's a lot more upside to go.
So make sure you're taking full advantage of it.
Some of the best opportunities can be found in the tried and true names we all know and love.
But there are plenty of other spectacular opportunities in lesser known names, lesser known industries, and lesser known asset classes. That includes stocks and ETFs that focus on the commodities markets, like palladium (used in catalytic converters to reduce emissions), platinum (used in cell-phones, fuel cells, and medical technology), oil (the #1 most traded commodity), coffee (the #2 most traded commodity), and silver (used in solar panels), to name just a few.
There are fantastic opportunities all around. You just need to know where to look. So be sure to read our latest commentary...
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Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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