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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Up Again, Nasdaq Makes Another New All-Time High
Stocks were up again yesterday with the Nasdaq making another new all-time high.
Economic optimism continues to drive stocks higher.
That was underscored by yesterday's Redbook report which showed same store retail sales up 17.6% y/y vs. last week's snapshot of 16.4%.
Existing Home Sales came in better than expected at 5.800 million units annualized vs. views for 5.715M. On a y/y basis, existing home sales are up a whopping 44.6%.
And the Richmond Fed Manufacturing Index came in at 22 vs. last month's 18 and views for 17.
In other news, Fed Chair Jerome Powell, in testimony yesterday to the House Select Subcommittee on the Coronavirus Crisis, reiterated his belief that the uptick in inflation was temporary. He went on to say, "as these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal."
Today we'll get another look at the economy with MBA Mortgage Applications, New Home Sales, and the PMI Composite Flash report.
In the meantime, the economy looks great. And so does the market.
So make sure you're taking full advantage of it.
See you tomorrow,
Executive Vice President, Zacks Investment Research
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The pandemic wiped out a shocking $4.5 trillion dollars from the travel industry. But now that COVID is retreating, Americans are ready to take trips they've waited over a year for.
Travel is set for a massive recovery. Airbnb's CEO called it "a rebound unlike anything we've seen in a century."
This recovery is creating a tremendous profit opportunity for savvy investors – and Zacks has just released an urgent special report highlighting 8 stocks that could deliver huge gains starting this summer.
Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. Read More »
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