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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Take A Breather After Hitting New All-Time Highs Last Week
Image: Bigstock
Stocks closed lower yesterday after soaring on Friday and finishing up for the week last week.
The economy continues to impress.
Fed Chairman, Jerome Powell, in an interview Sunday night said, "what we're seeing now is really an economy that seems to be at an inflection point." And that, "we feel like we're at a place where the economy's about to start growing much more quickly and job creation coming in much more quickly."
This comes as forecasts for full-year GDP is expected to grow at the fastest pace in 36 years. And expectations that we could be at the beginning of a multiyear boom.
This is why stocks have been climbing to new all-time highs.
And why it looks like there's a lot more upside to go.
The Senate will soon take up the latest $2.25 trillion infrastructure package, and the proposed corporate tax increase to pay for it.
And the administration is expected to unveil an additional stimulus package later this month, which could equal another $1 trillion, and a whole new set of tax hikes to pay for it, this time by individuals.
In the meantime, the market is focused on the impressive economic recovery that's underway, and which only looks to get stronger.
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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