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Profit from the Pros By Kevin Matras Executive Vice President
Dow Hits Another New All-Time High As Market Awaits Jobs Report
Image: Bigstock
Stocks closed up yesterday with the Dow hitting another new all-time high in the process.
Earnings season continues with another 122 companies reporting today, another 1,137 companies next week, and another 415 the week after that.
Yesterday's Weekly Jobless Claims came in better than expected with a decline of -92,000 new claims at 498,000 vs. the consensus for 533K.
But the jobs report everybody will be watching is this morning's Employment Situation Report. Estimates are calling for a gain of 938,000 (that's 853K in the private sector and 85K in the public). And the unemployment rate is expected to dip to 5.8% from last month's 6.0%.
And that would show just how rapidly our economy is bouncing back.
We still have a long way to go.
But with full-year GDP expected to come in at the fastest pace in 36 years, it looks like we could get there in record time.
And with prospects for a multiyear boom set to unfold (and why wouldn't it as unprecedented pent-up demand meets an unprecedented amount of stimulus money), it looks like there is a lot more upside to go.
So make sure you're taking full advantage of it.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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