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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Soar, Erasing Monday's Pullback
Image: Bigstock
Stocks closed sharply higher yesterday, with most of the indexes erasing Monday's decline and then some.
The same concerns that led to Monday's drop, are the same concerns that led to yesterday's surge.
The two 'concerns' continue to be inflation, and worries over renewed pandemic lockdowns slowing the economy.
Once again, the hotter than preferred inflation is considered to be transitory.
And while traders have begun to worry that a rise in Covid cases could slow the economic recovery, full-year GDP is already expected to come in at 7.0%, which would be the fastest pace in 37 years.
And Congress will soon be taking up the infrastructure bill along with other domestic spending bills totaling roughly $4 trillion. Who knows what will pass. But something is likely to make it thru eventually. And that's a lot of extra money that will get pumped into the economy. So I would not be too worried over the growth prospects.
Simply put, on Monday the glass was half empty. On Tuesday it was half full.
Speaking of Congress, the Senate is expected to vote on opening debate on the infrastructure bill today. There's been plenty of speculation on whether that will go thru or not. We shall see.
In other news, yesterday we got the Redbook report which showed same store retail sales up 15.0% y/y, up from last week's snapshot of 14.0%.
We also got the Housing Starts and Permits report. Starts jumped to 1.643 million units (annualized) vs. last month's 1.546M and views for 1.590M. Although Permits came in at 1.598M vs. last month's 1.683M and views for 1.700M.
We'll get a look at MBA Mortgage Application today.
And the market will have its hands full with more earnings.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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