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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Up For The Week, Closing At New All-Time Records
Image: Bigstock
Stocks were up across the board on Friday, and up for the week as the Dow, S&P and Nasdaq closed at new all-time records.
What a week it was. Stocks began the week in the red. But then bounced back the next day, and continued to surge for the rest of the week.
A strong growth outlook continues to fuel the market, as it should. With full-year GDP expected to come in at the fastest pace in 37 years, it's easy to see why.
A strong start to earnings season is also adding to the market's gains. Not surprising since stocks typically go up during earnings season. And the impressive numbers so far are making it even better.
Earnings season really kicks into gear this week with 1,174 companies set to report. And then next week takes it up a notch with another 1,858 companies on deck.
Inflation is still a concern. But with the Fed tamping it down as transitory due to supply disruptions as a result of Covid; with the Treasury Secretary also tamping it down as temporary due to pandemic-related supply disruptions; and with the 10-Year Treasury seemingly tamping down the fear of inflation (and higher interest rates) with yields plunging -27.1% since March's peak inflation hysteria, it seems as if the market has taken it all in stride for now.
In other news, the Senate may attempt to bring the infrastructure bill up for debate this week, after failing last week. They have this week to do it. And maybe next week. But then they break for their August recess after the 6th. And they won't be back until September 9th.
In the meantime, stocks looks great. Same for the economy.
And both look like they have a lot more upside to go.
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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