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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 Soar, S&P And Nasdaq Both Make New All-Time Highs

Stocks jumped yesterday with all of the major indexes in the green. The Nasdaq made another new all-time high. And so did the S&P. The small-cap Russell 2000 was the biggest mover with a 1.31% gain.

A bullish economic outlook continues to drive stocks higher.

That was underscored again yesterday when Q1 GDP was confirmed at 6.4%.

Moreover, Q2 GDP is estimated to come in at 9.7%. And the Fed, just last week, raised full-year GDP from 6.5% to 7%, which would make it the fastest growth rate in 37 years.

Durable Goods Orders came in better than expected with a 2.3% m/m increase vs. last month's upwardly revised -0.8% and views for 2.0%.

Weekly Jobless Claims fell to 411,000, shedding -7,000 new claims.

And Corporate Profit showed a 28.1% y/y gain vs. last month's snapshot of 25.2%. (With inventory and consumption adjustments, that number comes in at 15.5% vs. last month's 8.8%.)

The market also cheered the news that the White House and a team of bipartisan Senators finally agreed on a $1.2 trillion infrastructure package after weeks (months) of negotiations.

This will add to the already robust economic recovery, and fuel even more growth ahead, which means the Fed's 7% full-year GDP estimate could easily find itself getting ratcheted up even further.

What we are seeing right now is history in the making.

And historic times typically usher in historic prices moves.

So make sure you're taking full advantage of it.

Best,

Kevin Matras

Executive Vice President, Zacks Investment Research

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