| S&P Extends Their Winning Streak With Another New All-Time High  Image: Bigstock Stocks closed mixed yesterday with the Dow and the S&P finishing in the green.
The Dow ended up 0.57%, briefly turning positive for the year at one point, before closing just under that threshold by day's end. But only another 0.16% puts it in positive territory YTD.
The S&P ended up 0.17%, continuing their winning streak of record highs for the fifth day in a row. For the year, they're up 7.85%.
And the Nasdaq finished lower by -0.34%, ending their 5-day winning streak of records. But they are sitting at their second highest close of all time with a YTD gain of a whopping 29.56%.
Stocks continue to benefit from a strong earnings season.
And from strong economic reports. That was, once again, underscored by yesterday's Weekly Jobless Claims which showed new claims down by -98,000 to 1.006M.
The Pending Home Sales Index rose by 5.9% vs. estimates for 1.5%. And that's on top of the 15.8% gains from last month's report.
And the second estimate for Q2 GDP came in better than expected at -31.7% vs. the first estimate of -32.9%. Tough number to be sure. But that's in the past, and it reflects a snapshot in time that we have rapidly moved away from. So much so, that top analysts are calling for unprecedented growth for the remainder of the year.
Traders also cheered Fed Chairman Jerome Powell's Jackson Hole speech yesterday. As expected, he outlined how the Fed would allow inflation, following prolonged periods of weakness, to rise above the FOMC's 2% target for "some time", before raising rates to cool things down. The Fed also said it will no longer be looking at employment levels in its policy moves. (You'll recall, a few years ago, the continued rise in new jobs and employment saw the Fed prematurely raise rates, only to reverse those hikes shortly thereafter.)
With rates currently being near zero, and inflation chronically below their 2% target, there's no practical application to those changes at the moment, other than their commitment to promote economic growth and stability. But the long-term ramifications are very bullish. And it suggests that rates, which were already expected to stay at these historically low levels for the foreseeable future, just got extended even further.
Stocks are on pace for another winning week, and another entry into the record books.
These are historic times for the economy and the market.
So make sure you're taking full advantage of it.
Best, 
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