| New Record This Year For Longest Record Streak  Image: Bigstock Stocks soared yesterday with the S&P making another new all-time high (4 records in a row for the S&P), and the Nasdaq making another new all-time high as well (5 records in a row for them).
And the Dow is getting closer and closer to making its own new all-time high.
Same story as before – the better than expected earnings season has been fueling stocks. Tuesday's after-hours earnings report for Salesforce.com underscored that with a positive sales and earnings surprise. They were up over 26% yesterday. (BTW, they will be joining the Dow Jones Industrial Average on August 31st. Too bad the Dow didn't benefit from Salesforce's run yesterday, but the S&P did as they're a part of that index.)
The parade of better than expected economic reports over the last several months has also been fueling stocks. We saw that again yesterday with a sharp gain in Durable Goods Orders which jumped 11.2%, beating last month's gain of an upwardly revised 7.7%, and views for 4.3%. Ex-Transportation, the gains were 2.4% vs. estimates for 2.0%. And Core Capital Goods were up 1.9% vs. estimates for 1.7%.
And the State Street Investor Confidence Index came in at 86.1, up 1.5 points for a gain of 1.77% from last month. North America rose 1.0 points to 77.6, Asia rose 3.3 points to 89.9, and Europe rose 4.8 points to 122.6.
Traders are also cheering what Fed Chairman Jerome Powell is expected to say today in his Jackson Hole speech. People in the know are calling it a 'profoundly consequential' speech which could change how the Fed views inflation and sets policy on interest rates for years to come. In short, he's expected to outline how the Fed will encourage inflation, and allow it to rise higher than what has previously been considered acceptable, before raising interest rates to slow things down. That's a hugely bullish development. Granted, rates are near zero right now, and not expected to budge anytime soon. But it sounds like they will remain low for even longer than people have imagined, while the Fed proactively looks to support, and spur on further economic activity.
Gold also seemed to like what it heard. There are many reasons why people invest in gold, with one of them being a hedge against inflation. If inflation is going to be encouraged to run hotter than normal for longer periods of time, that would be a bullish sign for the precious metal as well.
Mr. Powell is expected to speak this morning at 9:10 am ET.
In the meantime, the markets are on a tear. Between the reopening of our economy, the trillions of dollars in fiscal and monetary stimulus being pumped into the economy, historically low interest rates, expectations for 'unprecedented' growth for the remainder of the year, and what is shaping up to be one of the most pro-growth Fed speeches/policy shifts in recent times, it looks like stocks have a lot more upside to go.
So make sure you're taking full advantage of it.
That means getting into the right stocks and staying out of the wrong ones.
If you're looking for new stocks to buy with big upside potential, be sure to read our latest commentary on insider trading (the legal kind). When top executives at companies are buying more shares, or when large numbers of executives are making new purchases, that can send a powerful signal that something good is happening to that company and will likely happen to that stock. And that can lead to big gains.
To learn more about this type of insider trading and how you can benefit from it, please check out our latest commentary...
The #1 Insider Signal Every Trader Should Know
Best, 
Kevin Matras Executive Vice President, Zacks Investment Research | Most Popular Articles from Zacks.com | 
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