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Profit from the Pros By Kevin Matras Executive Vice President
S&P Hits New All-Time High
Image: Bigstock
Stocks closed mostly higher yesterday with the Nasdaq leading the way, and the S&P hitting new all-time highs.
The halt to Johnson & Johnson's vaccine, while they try to better understand the rare but serious blood clotting issue that has affected 6 people so far (out of 6.8 million who have received the J&J vaccine), weighed on the Dow a bit. But JNJ was only down -1.34%. Nobody is questioning the effectiveness of the vaccine. They just need to understand how to better identify the issue and how to better treat it.
Aside from that, stocks continue to push higher on optimism for a robust economic recovery.
That was underscored with yesterday's Redbook report which showed same store retail sales up 13.2% on a y/y basis vs. last month's 10.6% snapshot.
The Consumer Price Index, ex-Food and Energy, was up 0.3% m/m and 1.6% y/y. That's an improvement from last month's 0.1% m/m reading and 1.3% y/y. But still a long way to go before we get to a desired inflation target of +2%.
And the NFIB Small Business Optimism Index increased to 98.2 from last month?s 95.8. That's a solid 2.5% increase.
Later today we'll get another look at housing with the MBA Mortgage Applications report, a look at inflation expectations with the Atlanta Fed Business Inflation Expectations report, and the overall economy with the Beige Book report.
In the meantime, the economy continues to improve.
And stocks are rallying because if it.
So make sure you're taking full advantage of it.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
Today, we are inviting you to take a free peek at our proprietary, exclusive and up-to-the-minute list of 20 stocks that Wall Street's top analysts hate.
These are true "Strong Sell" stocks.
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Sell-side analysts may not have a 100% hit rate on their buy ratings, but they almost always are spot on when they throw red flags and issue "sell" ratings.
If any of these stocks are lurking around in your portfolio, you may seriously want to consider dumping them.
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Zacks' research breakthrough now predicts with 80.00% precision which companies will beat earnings expectations before their reports are released. So you could beat Wall Street to the punch by getting into stocks before positive surprises potentially drive up their prices. This has led to double-digit gains in a matter of days.
Which stocks is it picking now? You can find out until Sunday, April 18.
Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. Read More »
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