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Profit from the Pros By Kevin Matras Executive Vice President
Dow And S&P Make New All-Time Highs
Stocks closed higher yesterday ahead of another busy earnings week.
Strong earnings have been rallying stocks. And between this week, and the next couple of weeks, we'll be getting into the thick of earnings season. We've got another 987 companies on deck to report this week. 1,859 next week. And another 1,405 companies the week after that.
The market will also be watching D.C. this week as Congress attempts to reach some type of agreement on the reconciliation bill, so they can move forward on the infrastructure bill. Since the President will be leaving for Europe by week's end, where he'll attend the United Nations Climate Conference in Glasgow, Scotland this weekend, Congress is hoping to get an agreement in place, and possibly a bill ready for his signature, before he leaves.
In other news, yesterday's Dallas Fed Manufacturing Survey showed the General Activity Index jumped to 14.6 from last month's 4.6 and views for 4.9. The Production Index pulled back from last month's 24.2 to a still solid 18.3.
Today's roster is jam-packed with retail sales via the Redbook report, housing stats via the Case-Shiller Home Price Index, the FHFA House Price Index, and New Home Sales, more manufacturing data via the Richmond Fed Manufacturing Index, and a look at the consumer via the Consumer Confidence Index.
With stocks trading at or near their all-time highs, it won't take much to send them even higher.
And we've got a full week of potential catalysts that could do just that.
So make sure you're taking full advantage of it.
See you tomorrow,
Executive Vice President, Zacks Investment Research
Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. Read More »
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