Stocks Closed Mostly Higher, S&P At New All-Time Highs  Image: Bigstock Stocks closed mostly higher yesterday with the S&P making new all-time highs in the process. A stellar earnings season continues to lift stocks. That was underscored yet again when Amazon reported earnings after the close yesterday. They posted a 65.5% positive EPS surprise, and a 3.88% positive sales surprise. They also raised Q2 revenue guidance with their mid-point at $113 billion, which is 4.05% above the $108.6 billion estimate. Shares were up roughly 3% in after-hours trade. Earnings season continues with another 75 companies on deck for today, and another 1,755 reporting next week. In other news, Q1 GDP's advanced estimate came in at 6.4%, which was just under the consensus for 6.5%. And it was above last quarter's 4.3%. Pretty impressive, no matter how you slice it. Also, Personal Consumption Expenditures came in at 10.7% vs. views for 10.5% and last quarter's 2.3%. Weekly Jobless Claims fell more than expected, with new claims declining -13,000 to 553K vs. estimates for 558K. And Pending Home Sales rose 1.9% m/m. While that missed the consensus for 3.8%, it was much better than last month's -11.5%. Today we'll get the Employment Cost Index, Personal Income and Outlays, the Chicago Purchasing Managers Index, and Consumer Sentiment. The market will continue to digest the proposed $2.25 trillion infrastructure package, the $1.8 trillion Families Plan, and the host of new tax initiatives (corporate tax hike, individual tax hike, corporate gains tax hike, etc.) to pay for it. We know the starting point for these spending and tax proposals. But they will likely look different when all is said and done. The market will be watching to see what those numbers get shaped into. For now, the market has taken it all in stride. And there's no denying that the economy looks like it's going to soar this year, with full-year GDP coming in at the fastest pace in 36 years. And maybe even more. So make sure you're taking full advantage of it. Best,  Kevin Matras
Executive Vice President, Zacks Investment Research | 
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