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Plus 5 New Strong Buys for Today
Kevin Matras   
Profit from the Pros
By Kevin Matras
Executive Vice President 		Zacks Investment Research
  

Stocks Up, Nasdaq Soars

All of the major indexes were up yesterday with the Nasdaq leading the way with a 3.69% gain.

Optimism over an improving economy continues to underpin stocks.

That was on full display with last week's better than expected jobs report. And again yesterday with a better than expected Redbook report which showed same store retail sales up 8.0% y/y vs. last month's snapshot of 4.6%. Same goes for the NFIB Small Business Optimism Index which increased to 95.8 vs. last month's 95.0.

The economy was already poised to soar as the U.S. gets ready to fully reopen its businesses in the coming weeks and months. Then add in the $1.9 trillion stimulus that the House is expected to vote on/pass later today, and that should send the economy and the market even higher still.

With the Atlanta Fed already estimating Q1 GDP to come in at 8.4%, and others forecasting full-year GDP to grow at the fastest pace in 38 years, those forecasts might need to be revised sharply higher as unprecedented pent-up demand meets an unprecedented amount of money waiting to be spent.

What we are seeing right now is history in the making.

And historic times typically usher in historic price moves.

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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