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What drove stocks higher? The same thing that's been driving them higher all year – the improving economy and prospects for even bigger growth ahead.
With the country opening back up, and life starting to get back to something closer to normal, there's huge pent-up demand out there that's fueling growth.
Of course, some see this as a double-edged sword as that could also be fueling inflation.
But the Fed was pretty clear that they believed the current increase in excess inflation is transitory, and brought on by supply disruptions due to Covid. And once these bottlenecks ease, so should inflation.
That's why they expect inflation to go down next year, why they left rates unchanged last week, and why they expect to do so thru 2022 and a portion of 2023.
In the meantime, the growth outlook is strong with the Fed increasing full-year GDP estimates from 6.5% to 7.0%.
And impressive growth like that doesn't send stocks lower, it sends them higher.
What we're seeing right now is history in the making.
And historic times typically usher in historic price moves.
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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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research is not a licensed securities dealer, broker or US investment adviser or investment bank. The Zacks #1 Rank Performance covers the period beginning on January 1, 1988 through May 3, 2021. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank #1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit http://www.zacks.com/performance for information about the performance numbers displayed above.
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