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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Up Again, Dow And Russell 2000 Hit New All-Time Highs
Image: Bigstock
Stocks soared again yesterday with all of the major indexes closing sharply higher.
The Dow hit a new all-time high and closed above the 30,000 level for the first time ever. The S&P hit an all-time record close. The Nasdaq finished at its second highest close ever. And the small-cap Russell 2000 hit another new all-time high yet again.
In spite of the rising coronavirus cases and some of the restrictions being put in place as a result, the market is choosing to focus on the positive vaccine news. Because those are coming soon, and that will mark the beginning of when the world can finally begin to get back to normal.
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.
In other news, yesterday's Redbook report showed same store retail sales up 2.8% y/y vs. last month snapshot of 'just' 1.7%.
And the Case-Shiller House Price Index came in better than expected with a 1.2% m/m gain (vs. views for 0.6%), and a 6.6% y/y gain (vs. views for 5.4%).
Today we'll get MBA Mortgage Applications, New Home Sales, Durable Goods Orders, and Weekly Jobless Claims.
Yesterday's upside breakout in stocks was impressive.
And even though we've already seen a great move this year, and a great move in just the last few weeks, it looks like there's a lot more upside to go.
As I've been saying all throughout the year, these are historic times for both the economy and the market.
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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