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Profit from the Pros By Kevin Matras Executive Vice President
Small-Cap Russell 2000 Closes Up For The Third Week In A Row
Image: Bigstock
Stocks closed lower on Friday. And the Dow and the S&P were also lower for the week. But the Nasdaq and the small-cap Russell 2000 were up for the week. In fact, the Russell was up an impressive 2.37% last week alone. And this was their third week in a row of weekly gains!
The breaking out of small-cap stocks has long been considered a powerful bullish signal. And after their surge to new all-time record highs the other week (a feat that was two years in the making), and their push to even higher highs last week, that signals a big move ahead.
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 and therapeutics news has been underpinning stocks. And that's because these breakthroughs are being hailed as the catalysts that will finally let the world get back to normal.
And that should send stocks skyrocketing.
But even without that, we just saw Q3's GDP come in at 33.1% (which was the largest in history); with expectations for more gains in Q4; and forecasts for full year GDP in 2021 to grow at the fastest pace in 38 years.
But when a vaccine is finally available (and it doesn't sound like too much longer), that could make for an explosive rally.
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.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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