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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Soar, Turn Positive For The Week
Stocks soared yesterday, rebounding from Tuesday's losses, with all of the major indexes now up for the week.
Some positive news on the inflation front helped buoy stocks as Import Prices slipped -0.3% for August vs. the consensus for a 0.3% rise, and July's 0.4%. On a y/y basis it's up 9.0% vs. expectations for 9.6%, and July's 10.3%. Still hot, but a bit less so. The report also showed Export Prices up 0.4% m/m vs. views for 0.5%, and 16.8% y/y vs. views for 17.0%.
More good news was seen with the Empire State Manufacturing Index which jumped to 34.3 vs. last month's 18.3 and estimates for 18.6.
And MBA Mortgage Applications were up as well with the Composite Index up 0.3% (purchases were up 8.0%, although refi's were off by -3.0%).
Today we'll get another look at the economy with Weekly Jobless Claims, Retail Sales, the Philadelphia Fed Manufacturing Index, and Business Inventories.
For the rest of this week and next, we expect to get more information on what the infrastructure bill, and budget framework bill will look like (size and what's ultimately in it), and the tax hikes to pay for it. With each of these bills expected to come up for a vote in the House by the 27th, that leaves just 12 more days left.
Stocks continue to trade near their all-time highs. And it won't take much to see them break out even higher.
Recent volatility has spooked some, while others see it as a great buying opportunity.
There's no denying we are in the midst of a historic bull market. And whether you are super bullish or a bit wary, there will be distinct winners and losers along the way.
To learn how to put the probabilities of success in your favor, be sure to check out our latest commentary...
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