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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Closed Higher For The 4th Week In A Row
Image: Bigstock
Stocks closed up on Friday, with the Dow, S&P, and Nasdaq making new all-time highs in the process. They also closed up for the week, making it four up weeks in a row.
Strong economic data continues to impress.
That was underscored with Friday's Housing Starts and Permits report. Starts came in at 1.739 million units (annualized) vs. last month's upwardly revised 1.457M and views for 1.620M. And Permits came in at 1.766 million units (annualized) vs. last month's upwardly revised 1.720M and views for 1.750M.
And Consumer Sentiment rose from 84.9 to 86.5 for a 1.88% increase.
A strong start to earnings season is also lifting stocks.
Stocks typically go up during earnings season, so no surprise there. But this earnings season could be especially bullish.
We'll get another 411 companies reporting earnings this week. And another 967 on deck for next week.
We're likely to hear more talk on infrastructure this week as the size of the package, as well as the tax hikes to pay for it, gets debated.
In the meantime, the economic rebound continues.
And with forecasts for full-year GDP to come in at 6.5%, which would make it the fastest growth rate in 36 years, it looks like there's a lot more upside to go for both the economy and the market.
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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