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Profit from the Pros By Kevin Matras Executive Vice President
S&P And Nasdaq At New All-Time Highs
Image: Bigstock
Stocks closed mixed yesterday with the Dow eking out a new intraday high, but could not hold it by the close; the S&P eking out a new high, which it could hold by the close; while the Nasdaq decisively made a new high and close.
At the moment, all of the indexes are on pace to close higher for the week. And it won't take much to keep it that way.
Talk of more stimulus and strong earnings have been the story this week.
We should see how stimulus negotiations go shortly. The new administration and Congress have made it a priority to get something done quickly.
The strong earnings season continues. Lots of big banks and financial companies posting impressive numbers so far. We've got 53 more companies on deck today. Another 555 next week. Then another 808 the week after. And even more after that.
Earnings season is always an exciting time since stocks usually go up during earnings season.
In other news, Housing Starts and Permits rose to 1.669 million units (annualized) vs. last month's upwardly revised 1.578M and views for 1.558M. Pretty impressive. And that puts December starts and permits at a 14-year high!
Weekly Jobless Claims fell -26,000, as expected, to come in at 900K.
And the Philadelphia Fed Manufacturing Index rose more than expected to 26.5, well above last month's 9.1 and views for 11.0.
Today we'll get the PMI Composite Flash report, and Existing Home Sales.
In the meantime, 2021 is off to a great start. 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, January 23 or when inventory is depleted. Don't miss your chance to get an edge in the game.
In this opportune time to invest in homebuilding, we have selected five stocks with a Zacks Rank #1 (Strong Buy) or 2 (Buy) that are likely to gain ahead. Read More »
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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