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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Up, Within Striking Distance Of All-Time Highs
Stocks were up yet again. That's 5 days in a row for the S&P and Nasdaq. And 3 out of 5 days for the Dow.
The Dow is now just 0.49% away from their all-time highs. The S&P is just 0.58% away. And the Nasdaq is just 3.64% away.
Earnings season continues to impress. And it has lit a fire under stocks.
As you know, stocks typically go up during earnings season. And this earnings season is off to a stellar start.
There's another 283 companies on deck for the rest of this week. Next week we'll get 1,082. And the week after that we'll get 1,859.
In other news, the Housing Starts and Permits report showed September starts at 1.555 million units (annualized) vs. last month's 1.580M and views for 1.621M, while permits came in at 1.589M vs. last month's 1.721M and views for 1.680M. Analysts say the demand is there, but supply shortages are being blamed for the weaker starts. And Hurricane Ida is being cited as contributing to the weaker permits.
But retail sales via the Redbook report showed same store sales up 15.1% y/y vs. last month's pace of 14.8%.
Today we'll get MBA Mortgage Applications, and the Beige Book report.
In the meantime, the U.S. economy continues its historic rebound.
And with GDP growth expected to accelerate into the end of the year, it looks like it's only going to get better.
And that's great news for stocks.
So make sure you're taking full advantage of it.
See you tomorrow,
Executive Vice President, Zacks Investment Research
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