Profit from the Pros By Kevin Matras Executive Vice President
Stocks Closed Mixed, Remain Near All-Time Highs
Image: Bigstock
Stocks closed mixed with the Dow and the S&P in the red while the Nasdaq and the small-cap Russell 2000 in the green.
Concerns over the fate of a much-needed stimulus package weighed on the market. A bipartisan bill, which was broken up into 2 parts, was unveiled yesterday. Both parties keep saying they want to do something, but the lack of action has been frustrating. Nevertheless, the market continues to remain hopeful. But Congress is trying everybody's patience.
Unfortunately, worries over stimulus overshadowed the early rally celebration of the start of COVID vaccinations. That marks the official beginning of the end of the pandemic. It will take time to get a sufficient number of people vaccinated. But the production and distribution of the vaccine in record-time was a monumental accomplishment and something to be cheered. And we are now on our way back to normalcy.
But the stimulus is still necessary in order to provide a financial lifeline for people and businesses to survive in the interim.
The market will be listening for any good news on this front.
In the meantime, the economy continues to recover.
And we'll see just how much with today's Empire State Manufacturing Index, and Industrial Production report.
Stocks remain near their all-time highs. And it looks like there's a lot more upside to go.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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