| Dow, S&P And Nasdaq Close At New All-Time Highs  Image: Bigstock Stocks closed higher yesterday with the Dow, S&P and Nasdaq finishing at new all-time highs.
Late Sunday night, the President signed the Covid relief bill. And traders cheered the news yesterday.
As flawed as the bill was ($600 checks vs. the $2,000 he and others wanted), it likely came down to 'something was better than nothing,' as time had run out for many with their unemployment benefits having finally expired.
But with this bill now behind us, and some relief on the way, Congress will vote of a new bill that raises those $600 checks to $2,000.
And after the close yesterday, the House passed a bill doing just that.
The Senate will soon get their chance to do the same. We shall see.
But even before the recent $900 billion relief bill was signed into law, and before yesterday's increased payments bill passed the House, Congress was already talking about another stimulus/relief bill in the new year.
Whether we get more money sooner or later, it does look like more money is coming. That's great news for those individuals and businesses who need it. That's great news for the economy since that money will immediately be spent, thus supporting the economy and jobs. And that, of course, is great news for the market.
In the meantime, the economy continues to rebound. The 3rd and final estimate for Q3 GDP was just bumped up from 33.1% to 33.4%, which is a new record. Q4 GDP, according to estimates from the Federal Reserve Bank of Atlanta, is expected to come in at 11.1%. And aside from last quarter, that would be the highest quarterly growth rate in more than 37 years. And full-year GDP in 2021 is expected to be the best in 38 years!
So it looks like there's a lot more good news ahead for the economy.
And a lot more upside to go for the markets.
See you tomorrow, 
Kevin Matras Executive Vice President, Zacks Investment Research | Most Popular Articles from Zacks.com | 
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