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Kevin Matras   
Profit from the Pros
By Kevin Matras
Executive Vice President
Zacks Investment Research

Stocks Close Higher, Poised For Another Up Week

Stocks closed higher yesterday with all of the major indexes in the green.

And it won't take much for them to close up for the week. The Dow is already in the green, WTD. So is the Nasdaq. And the Russell 2000 has the biggest weekly gain so far. The S&P is currently in the red for the week, but only by -3.28 points (or -0.90%). So it won't take much to get into the plus column by week's end. And that would make it three weeks in a row for most of them.

In other news, yesterday's Weekly Jobless Claims rose by 31,000 to 742K vs. views for 710K.

But that was overshadowed by the Existing Home Sales report which increased to 6.850 million units (annualized) vs. last month's upwardly revised 6.570M and views for 6.470M. That's a 4.3% m/m gain, and a 26.6% y/y gain, making it a 15-year high, despite the low inventory.

And the Philadelphia Fed Manufacturing Index also came in better than expected at 26.3 vs. views for 24.5.

As you know, the rising case counts remain a concern, not just health-wise, but for the impact that more restrictions could impose on the economy.

But the positive vaccine news and therapeutics news is seemingly what traders are focusing on more.

And of course, the improving economy and bullish market outlook.

As I've been saying, these are historic times for the economy and the market.

And it looks like there's a lot more upside to go.

So make sure you're taking full advantage of it.


Kevin Matras

Executive Vice President, Zacks Investment Research


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