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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Closed Mixed, But Remain Near All-Time Highs
Stocks closed mixed yesterday with the large-cap Dow and small-cap Russell 2000 in the red, while the S&P and tech-heavy Nasdaq were in the green.
But all the indexes remain near their all-time highs and are within striking distance of breaking out to even higher highs!
The markets continue to look toward the future. And that's supportive for stocks. With three vaccines out (Pfizer/BioNTech, Moderna, and Oxford/AstraZeneca), and a recent report that shows Johnson & Johnson's vaccine showing promising results, it should soon be four.
The vaccines are the key to ending the pandemic. And the end has already begun.
That's one of the reasons why growth projections are looking better and better. Q4 GDP is forecast at 8.7%, which, aside from last quarter's unprecedented 33.4%, would be the highest quarterly growth rate in 31 years. And full year GDP for 2021 is expected to grow at the fastest pace in 38 years.
And there's talk of another stimulus package to be put forth later this month or early next month. And that should help send stocks even higher still.
Let's also not forget near zero interest rates that are likely to stay that way for the next three years or more.
So it looks like there's a lot more upside to go for the economy. And a lot more upside to go for the markets.
And with earnings season set to begin (stocks typically go up during earnings season), there's even more reason for stocks to go up.
Earnings season always brings with it a level of excitement as it's not uncommon to see individual stocks move 10%, 15%, or even 20% or more in one day after an earnings report.
The key is getting into the right stocks.
If you want to learn how to potentially find big winners this earnings season BEFORE they report, be sure to read our latest commentary...
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Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. Read More »
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