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Plus 5 New Strong Buys for Today
Kevin Matras   
Profit from the Pros
By Kevin Matras
Executive Vice President 		Zacks Investment Research
  

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,

Kevin Matras

Executive Vice President, Zacks Investment Research

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