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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Soar On Vaccine News And Improving Economic Outlook
Image: Bigstock
Stocks soared on Monday with all of the indexes up roughly 2% or more. (The Nasdaq and small-cap Russell 2000 were up over 3%.)
While the story last week was rising bond yields weighing on stocks (which was misguided given that the Fed has said they aren't budging on rates anytime soon), the story this week, so far, seems to be back to the improving economic picture. As it should be.
Traders will also be eying stimulus developments. The House passed the $1.9 trillion package last week. The Senate will be debating it this week, with the markets hoping something gets passed before March 14th, which is when federal extended unemployment benefits start expiring.
The market also cheered the authorization for Johnson & Johnson's vaccine. That now makes 3 vaccines here in the states.
And that comes on the heels of sharply lower case counts, while more and more people get vaccinated.
We've always known that the vaccines would be the beginning of the end of the pandemic. And we're seeing it happen.
As more and more big cities loosen restrictions, and more and more businesses open up, we should see big pent-up demand being unleashed, and that should send the economy and the market soaring.
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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