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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Up For The Week, Nasdaq Hits Another New All-Time High
Stocks closed mixed on Friday with the Dow and the S&P in the red, while the Nasdaq (which made another new all-time high and close), and small-cap Russell 2000 were in the green.
But all of the major indexes were up for the week.
Talk of more stimulus continues to be supportive. And it looks like the House is set to vote on the $1.9 trillion proposal in February.
Strong earnings have also been supportive. Lots of big banks and financial companies posted impressive numbers last week. Finance will be in the spotlight again this week, along with big marquee names like Apple, Microsoft, Tesla, Facebook, and Johnson & Johnson to name a few. In total we'll get 573 companies reporting earnings this week, and another 808 next week.
Earnings season is always an exciting time since stocks usually go up during earnings season.
In other news, the PMI Composite Flash report on Friday came in at 58.0 vs. last month's 55.7 and views for 55.5. Manufacturing rose from 56.5 to 59.1, while Services rose from 55.3 to 57.5.
And Existing Home Sales came in better than expected at 6.760 million units (annualized) vs. last month's upwardly revised 6.710M and the consensus for 6.550M. That's a 14-year high, and not surprisingly, comes on the heels of a 14-year high for both Housing Starts and Permits as well.
The market is also cheering the news that more big cities have announced an easing of restrictions on businesses, allowing more to open up. That's great news for struggling businessowners, employees, and the economy as a whole.
And that suggests an even stronger Q1 GDP, and full-year GDP, which is already forecast to grow at the fastest pace in 38 years.
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.
Executive Vice President, Zacks Investment Research
We are off to a great start in the Q4 earnings season, with a historically high proportion of the reporting companies not only beating consensus EPS and revenue estimates, but also providing positive guidance and commentary. Read More »
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