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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Up, Record Close For The S&P
Image: Bigstock
Stocks were up yesterday, erasing Monday's losses and then some, with the S&P setting a new record close.
Strong earnings continue to impress.
Q2 earnings season is off to a strong start. But what may be even more impressive than the spectacular earnings and sales that many are posting, are the robust outlooks for Q3 and beyond. That suggests a strong second half.
Quite frankly, it's looking more and more like we are at the beginning of a multiyear boom.
On the economic front, the Redbook report showed same store retail sales up 17.2% y/y vs. last week's snapshot of 16.0%.
And Factory Orders were up 1.5% m/m vs. the consensus for 0.8%. Moreover, last month's tally was upwardly revised from a 1.7% m/m gain to a 2.3% m/m gain.
Today we'll get another look at the economy with MBA Mortgage Applications, the ADP Employment Report, the PMI Composite report, and the ISM Services Index.
And we'll get another 469 companies reporting earnings today (1,406 throughout the rest of the week).
In the meantime, stocks are trading at or near record highs. And it won't take much to send them even higher.
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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