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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Close Higher, Poised For Another Up Week
Image: Bigstock
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.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
The Executive Vice President of Zacks Investment Research, Kevin Matras, is very optimistic about our country's financial future. As the economy continues to grow stronger, he expects stocks to soar far higher right through the market blips and dips.
But what's the key to being successful? Knowing the right strategies and where to find stocks that will lead the market as the recovery continues to build momentum.
For a limited time, Kevin is offering his hardcover book, Finding #1 Stocks, absolutely free so you can be in the best position as stocks begin to rise. In the book, he shares exclusive secrets to picking stocks including the exact formulas of strategies that produced gains of +122.2%, +153.0%, and even +156.8% from 2017 through Q2 2020.
This brief opportunity will end at midnight Saturday, November 21 or when inventory is depleted. Don't miss your chance to get an edge in the game.
Catch breaking news on your stocks and funds at a glance, including timely recommendation changes ... Zacks Ranks ... Industry Ranks ... earnings announcements ... earnings estimate revisions ... and more. And now you can screen for new stocks to improve portfolio performance.
Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. Read More »
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