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Plus 5 New Strong Buys for Today
Kevin Matras   
Profit from the Pros
By Kevin Matras
Executive Vice President
Zacks Investment Research

S&P Makes New All-Time High Close

Stocks closed mostly higher yesterday with the S&P now up for the 6th day in a row, and notching a new all-time high close in the process.

The Dow was up too, making a new all-time intraday high, before finishing just under its record close from August.

Strong earnings continue to rally stocks. As you know, stocks typically go up during earnings season. And with earnings season having just begun, we've got another handful of weeks to go.

In other news, MBA Mortgage Applications slipped -6.3% w/w, with the purchase index down -5.0%, and refi's down -7.0%.

The Fed's Beige Book report showed an economy that continues to rebound, albeit at a bit of a slower pace. The report said that "outlooks for near-term economic activity remained positive, overall, but some districts noted increased uncertainty and more cautious optimism than in previous months." This was attributed to supply-chain disruptions, worker shortages, and earlier fears around the delta variant.

The report also went on to highlight that the continued rise in consumer spending was a bright spot. Same for the rise in manufacturing activity.

Fortunately, with efforts underway to ease supply disruptions, and with the labor force expected to grow, this should increase economic output while simultaneously helping to reduce inflation.

And with falling covid cases, the economy can accelerate its return back to something closer to normal.

After the close, the FDA authorized Moderna and Johnson & Johnson to offer booster vaccine shots. They also said that people can get their booster shots from different vaccine manufacturers than their original shot.
Between falling cases, more vaccinations, and several covid therapeutics in the pipe to treat Covid if you get it (Merck already has a drug, but is waiting on FDA's approval, or at least emergency use authorization), the pandemic should become less and less of an issue as we move forward.

In the meantime, with stocks trading at or near their all-time highs, it won't take much to send them even higher.

And with full-year GDP growth expected to come in at the fastest pace in 37 years, not to mention the prospect for even more stimulus money to be injected into the economy, it looks like there's a lot more upside to go.

So now is the time to start preparing for it. And to do so, be sure to read our latest commentary...

Getting Ready For The Next Leg Up


Kevin Matras

Executive Vice President, Zacks Investment Research


GM and Toyota Shut Down

Once again, the word "Crisis" is being thrown around.

But this is unlike anything we've seen before...

? Major automakers - from GM to Toyota are shutting their factories.

? Analysts are warning that Christmas, as we know it, may not happen this year.

? And massive food distributor, Sysco, says it's going to have trouble stocking grocery store shelves.

Not because of a recession or virus...not because of a new lockdown or war...

But the very opposite. A new threat which could soon cause empty shelves as far as the eye can see.

Please... take the time to view this special presentation now. It explains all the details.

Click here to see how you can prepare.

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Bull of the Day: Urban Outfitters (URBN)

Growing demand and two new, successful brands are pushing this retailer higher. Read More »

New Zacks Strong Buys for October 21st

Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. Read More »


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