| Stocks Finish Up, S&P And Nasdaq Hit New All-Time Highs  Image: Bigstock Stocks closed solidly higher yesterday with all of the indexes in the green, while the S&P and the Nasdaq, once again, set new all-time highs.
The economy continues its impressive recovery. And that could be seen in yesterday's Redbook report which showed same store retail sales up 4.6% y/y.
It could also be seen in yesterday's PMI Manufacturing report which came in at 53.1 vs. last month's 50.9. And the ISM Manufacturing Index which came in at 56.0 vs. last month's 54.2.
Construction Spending was also up with a gain of 0.1% vs. last month's upwardly revised -0.5%.
Today we'll get MBA Mortgage Applications, Motor Vehicle Sales, Factory Orders, the Beige Book, and the ADP Employment Report.
But the main event will be Friday's always important Employment Situation report. The last three months has been nothing short of spectacular with a record 9.276 million new jobs added. And more job gains are expected again for August.
In other news, Treasury Secretary Steve Mnuchin, while testifying before the House subcommittee regarding the federal response to the pandemic, urged Congress to pass a fourth coronavirus stimulus bill, and said the administration would continue to work with both chambers in doing so. While talks seem to be at an impasse, conversations are continuing.
In the meantime, the markets are getting a boost from the national decline in the rate of new COVID cases. It's still a very serious concern. And hot spots continue to pop up. But in aggregate, this is good news, and is a positive for the continued reopening of our economy.
And as the economy continues its recovery, stocks should continue their climb.
So make sure you're taking full advantage of it.
See you tomorrow, 
Kevin Matras Executive Vice President, Zacks Investment Research | Most Popular Articles from Zacks.com | 
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