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Profit from the Pros By Kevin Matras Executive Vice President
Stocks End Higher On Positive Economic Data
Image: Bigstock
Stocks closed up yesterday in active trading.
All of the major indexes were in the red early on with both the Dow and the S&P briefly piercing Monday's lows, before turning higher.
Let's see if the markets can build on that in today's session.
Yesterday's Jobless Claims came in better than expected with an increase of only 4,000 new claims at 870K, beating views for 880K.
And New Home Sales surged again coming in at 1,011,000 units (annualized), beating estimates for 875K. Last month's report was revised higher as well, going from 901K to 985K. Housing has been on fire. And it doesn't look like that's going to let up anytime soon.
We'll get another look at the economy today with the Durable Goods Orders report.
As I mentioned yesterday, in spite of the recent pullback, the underlying fundamentals for both the economy and the market are supportive.
In fact, this is the "fastest economic recovery from any crisis in history."
And with top analysts calling for unprecedented growth for the remainder of the year, and record growth next year, the markets are poised to soar.
So make sure you're taking full advantage of it.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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