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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Closed Mixed, S&P Within Striking Distance Of New Record Highs
Stocks closed mixed yesterday with the Dow and the S&P finishing modestly lower, while the Nasdaq finished modestly higher.
The S&P is just 0.60% away from making new all-time highs. The Dow has a little more ways to go at 5.65%. And as you know, the Nasdaq already zoomed past their pre-virus highs back on 6/8, and is sharply above that threshold.
Same story as before -- better than expected earnings continue to support stocks.
And so do the better than expected economic reports. That was underscored by yesterday's better than expected Weekly Jobless Claims which came in at 963,000 vs. last month's 1.191 million and views for 1.150 million. In fact, this was the first time since the pandemic that new claims fell below 1 million.
Today we'll get Retail Sales, the Productivity and Costs Report, Industrial Production, Business Inventories, and Consumer Sentiment.
In the meantime, the economy continues to improve. And so do the markets.
Any kind of good news today from any of the aforementioned reports could be enough to send the S&P to new record highs.
And to think, just 4½ months ago, many had written the stock market off for dead, and now we're on the cusp of making new all-time highs.
And with expectations 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.
Executive Vice President, Zacks Investment Research
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