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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Soar For Second Day In A Row
Stocks soared again yesterday with all of the major indexes up another 1% or more.
The FOMC's positive outlook on the economy on Wednesday, and their indicated likelihood of beginning their bond-tapering "soon" (likely when they meet again in November), underscored their confidence.
And that carried over into yesterday's session.
In other news, Weekly Jobless Claims came in higher than expected adding 16,000 new claims at 351K vs. the consensus for 309K. Although the 4-week moving average ticked down to 335.75K vs. last week's 336.50K.
The Chicago Fed National Activity Index came in under expectations at 0.29 vs. views for 0.50. But the 3-month moving average increased to 0.43 from last month's 0.36.
And the Kansas City Fed Manufacturing Index came in at 22 vs. the consensus for 29.
But the PMI Composite came in better than expected at 54.5 vs. estimates for 54.0. (Manufacturing was at 60.5 vs. views for 56.2, and Services came in at 54.4 vs. views for 54.0.)
Same for Leading Indicators with a 0.9% m/m gain vs. the consensus for 0.6%.
Today we'll get New Home Sales. And we'll hear from Fed Chair Jerome Powell again as he gives a speech at the 'Fed Listens' series, titled Perspectives on the Pandemic Recovery.
After a rough start to the week, the Dow and the S&P are now up for the week, and the Nasdaq is not far behind, with just one more trading day to go.
Could be another busy day.
Executive Vice President, Zacks Investment Research
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