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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Up Again On Strong Economic Data And Stimulus Hopes
Image: Bigstock
Stocks closed higher yesterday, making it four up days out of five since the correction lows were put in last week. But as September drew to a close, it also marked the first lower monthly close after being up five months in a row.
Nonetheless, all of the major indexes are trading above their 50-day moving average. And the longer that can hold, the better.
A slew of strong economic reports yesterday lifted stocks.
The Pending Home Sales Index soared 8.8% m/m, and hit an all-time high!
The Chicago PMI surged to a 21-month high at 62.4 vs. last month's 51.2 and views for 52.1.
Final Q2 GDP numbers showed a slightly smaller contraction at -31.4% vs. the previous estimate of -31.7%. (Q3 GDP is expected to be up a record 30% or more.)
And the ADP Employment Report came in well above expectations at 749,000 private payroll jobs vs. the consensus for 650K.
Also lifting stocks (at least early on) were hopes that a fifth coronavirus stimulus package could get done before the election. The Treasury Secretary and the Speaker of the House met yesterday in an effort to restart negotiations. While it became clear they were still far apart on a compromise, there's growing bipartisan support that something needs to get done asap as far too many people and businesses continue to struggle.
We have a bevy of economic reports on deck again today with the Challenger Job-Cut Report, Weekly Jobless Claims, Personal Income and Outlays, the PMI Manufacturing Index, the ISM Manufacturing Index, and Construction Spending.
Then on Friday, we'll get the always important Employment Situation report.
In the meantime, the market is looking better and better.
And with expectations for unprecedented 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.
That means getting into the right stocks and staying out of the wrong ones.
Making money in the market is easier than you think.
You don't have to reinvent the wheel. But there are a few tips you can use immediately on your very next trade. And there's one in particular that can transform your portfolio. You can read all about it in my latest commentary...
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We are seeing signals that the sector is coming out of the crisis, aided by gradual resumption of the global economic activities and reopening of businesses. Read More »
The outlook for corporate earnings has been steadily improving since early July, driven mostly by a better-than-expected economic recovery. Read More »
Four experts each announce their single favorite stock with the best upside for what looks to be a record-setting Q4. One is a next gen ad platform that's encroaching on Google and Facebook, forming alliances with Disney and Amazon, and entering China with 500 million mobile phone shoppers.
Today, download the private Special Report that names these stocks, and spotlights their exceptional gain potential as pent-up economic demand continues to release.
Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. Read More »
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