New All-Time High Close For The Nasdaq  Image: Bigstock Stocks closed mostly higher yesterday with only the S&P slipping just -0.06%. But they all finished near their all-time highs, while the Nasdaq made a new all-time high close.
Continued optimism over the upcoming COVID vaccines remains supportive for stocks. As do renewed hopes for another stimulus bill coming by year's end.
We got more good news on the economy yesterday as Weekly Jobless Claims fell more than expected, declining by -75,000 to 712K vs. views for 780K.
The PMI Composite Final report came in at 58.6 vs. last month's 56.9 and estimates for 57.9.
And the ISM Services Index came in at 55.9 which was just under the consensus for 56.0. But it was yet another print above 50 which shows the services sector's continued expansion.
But the report everybody's waiting for is this morning's Employment Situation Report which is expected to show that 500,000 new jobs were created last month (590K from the private sector and -90K from the public), with the unemployment rate dropping from 6.9% to 6.8%.
We'll also get the Factory Orders report later in the morning.
In the meantime, there's plenty of news supporting higher stock prices right now.
And given the bullish outlook for the economy (full year GDP for 2021 is expected to grow at the fastest pace in 38 years), and the market (Goldman Sachs is projecting the S&P will hit 4,300 next year, which is another 17.27% from here), it looks like there's a lot more upside to go.
So make sure you're taking full advantage of it.
Best, 
Kevin Matras Executive Vice President, Zacks Investment Research |
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