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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Hit Pause After Closing At New Highs Last Week
Image: Bigstock
Stocks closed lower yesterday after setting new all-time highs last week.
There was no new news per se weighing on stocks. But after 4 up weeks in a row, there was bound to be some profit taking one of these days.
Earnings season, which got off to a rousing start last week, continues to impress. And we'll get another 375 companies reporting this week, and another 994 next week. As you know, earnings season is always an exciting time since stocks typically go up during earnings season.
We're also likely to hear more talk on infrastructure this week. That includes the size of the package, as well as the tax hikes to pay for it.
In the meantime, the economic rebound continues to gain steam.
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.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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