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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Up, Small-Caps Lead The Way
Image: Bigstock
Stocks closed higher yesterday with the small-cap Russell 2000 leading the way once again.
More good news was seen on the vaccine front with AstraZeneca saying their vaccine proved to be up to 90% effective (it showed an efficacy rate between 62% and 90% based on the dosage, with an average of 70%).
That makes three COVID vaccines in the pipeline (Pfizer and BioNTech, Moderna, and now AstraZeneca), that are likely to be made available by year's end. And that will mark the beginning of when the world can finally begin to return to normal.
The rising coronavirus case counts remain a concern, but the positive news on vaccines and therapeutics has the market looking toward the future when the virus will no longer impact every aspect of our lives.
And with the economy already rebounding at an unprecedented rate (Q3 GDP just 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), growth is expected to soar even more when the entire economy comes back online.
And that should make for an explosive rally.
The market also got a boost yesterday when it was announced that former Fed Chair, Janet Yellen, was likely to be tapped as the new Treasury Secretary. There were plenty of names floated about in recent weeks, but her nomination came as a relief to many that a known entity with an impressive financial background would be heading up that department.
As the saying goes, the market hates uncertainty. And traders cheered the familiar pick.
In the meantime, with the outlook for the economy and the market being especially bullish, 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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