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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

Stocks Close Modestly Lower, Still Up Sharply For The Week

Stocks closed modestly lower yesterday after spending most of the day in the green.

But the markets retained the overwhelming majority of their gains from Tuesday which saw all of the indexes up by more than 2%.

Fed Chair, Jerome Powell, gave his semiannual testimony yesterday to the Senate Committee on Banking, Housing and Urban Affairs. Mr. Powell reiterated the Fed's commitment to fighting inflation, which means higher interest rates and quantitative tightening.

In his prepared remarks, he noted that 'aggregate demand is strong, supply constraints have been larger and longer lasting than anticipated, and price pressures have spread to a broad range of goods and services.' He also said that 'the tightening in financial conditions that we have seen in recent months should continue to temper growth and help bring demand into better balance with supply.'

He ended his remarks by restating his position that 'the American economy is very strong and well positioned to handle tighter monetary policy.'

Mr. Powell will give his testimony today before the House Committee on Financial Services.

In other news, MBA Mortgage Applications were up 4.2% with purchases up 7.9%, and refi's (not surprisingly), down -3.1%. In spite of new purchase applications being up last week, they were down by -10% vs. last year at this time.

On deck for today are Weekly Jobless Claims, the PMI Composite report, and the EIA Natural Gas and Petroleum Status reports.

In the meantime, stocks have a solid lead on the week. And we're overdue for another up week as stocks look oversold and undervalued.

And if you're a value investor, you couldn't be happier as bargains abound.

Value investing has proven to be one of the most successful forms of investing over time. And it looks like value investing is back with a vengeance. And it could be here to stay for a while. To learn how to find, and take advantage of value stocks, be sure to read our latest commentary...

The Golden Era of Value Investing is Back


Kevin Matras

Executive Vice President, Zacks Investment Research


Investor Alert: Quality Stocks on Sale

You have a rare opportunity to grab strong value stocks at deep "discounts." This could be a better buying opportunity than the pandemic pullback. Warren Buffett couldn't resist spending billions in this market. And with Zacks Rank timing to catch the best entry points, you could be riding these stocks to bigger profits for months and even years.

Recent recommendations have climbed as much as +186.9%... +312.7%... even +348.7%.

Special opportunity ends at midnight Thursday, June 23.

See Zacks' latest value recommendations >>

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