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Profit from the Pros By Kevin Matras Executive Vice President
S&P Makes Another New All-Time High
Stocks closed mostly higher yesterday with the S&P, once again, notching another new all-time high and close.
That's now 7 up days in a row. Today could be 8. They're also poised to close higher for the week, which would make it 3 weeks in a row.
Strong earnings continue to rally stocks. And we've got another 5 weeks of earnings to go.
In other news, Weekly Jobless Claims came in better than expected, falling -6,000 to 290,000 vs. the consensus for 300,000.
Existing Home Sales rose by 6.97% to 6.290 million units (annualized) vs. last month's 5.880M and the consensus for 6.030M.
The Philadelphia Fed Manufacturing Index came in at 23.8, down from last month?s 30.7 and views for 25.0.
Although, the Leading Indicators report increased by 0.2% m/m. That was under the estimate for 0.5%. But it was another month of gains.
Today we'll get the PMI Composite Flash report.
And we'll hear from Fed Chair Jerome Powell when he speaks, and joins a discussion, at the Virtual Bank for International Settlements-South African Reserve Bank Centenary Conference.
Also, as the month comes to an end next week, we should start hearing more about the infrastructure and reconciliation bills. Both are still up in the air. But Congress had set a deadline for themselves for the end of October. Whether that holds remains to be seen. But negotiations continue. And eventually, it looks like something will get done. I bring this up because once you start talking about trillions of dollars potentially being pumped into the economy, which is an enormous amount of money, on top of the enormous amount of money that's already been injected into the economy from previous stimulus bills, that could have a profound effect on the economy and the market.
In the meantime, the economy continues to rebound. Companies are posting record earnings. And stocks are trading at or near their all-time highs.
All very bullish.
And with growth expected to accelerate in Q4, it looks like there's a lot more upside to go.
So make sure you're taking full advantage of it.
Executive Vice President, Zacks Investment Research
The Executive Vice President of Zacks Investment Research, Kevin Matras, is very optimistic about our country's financial future. As the economy continues to grow stronger, he expects stocks to soar far higher right through the market blips and dips.
But what's the key to being successful? Knowing the right strategies and where to find stocks that will lead the market.
For a limited time, Kevin is offering his hardcover book, Finding #1 Stocks, absolutely free. In the book, he shares exclusive secrets to picking stocks, including the exact formulas of strategies that produced gains of 130.5%, +381.1%, and even +580.6% from 2016 through 2020.
This brief opportunity will end at midnight Saturday, October 23 or when inventory is depleted. Don't miss your chance to get an edge in the game.
Catch breaking news on your stocks and funds at a glance, including timely recommendation changes ... Zacks Ranks ... Industry Ranks ... earnings announcements ... earnings estimate revisions ... and more. And now you can screen for new stocks to improve portfolio performance.
Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. Read More »
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