New All-Time Highs Again For The Dow And S&P  Image: Bigstock Stocks closed mixed yesterday, with the Dow and the S&P notching new all-time highs once again, while the Nasdaq finished lower. The story remains the same. Earnings season continues to impress. And so does the economic data. MBA Mortgage Applications rose 2.8% w/w (purchases were up 1.8%, while refi's were up 3.2%). The Consumer Price Index rose 0.5% m/m, which was in line with expectations. On a y/y basis, it was up 5.4%, slightly under the consensus for 5.5%. Ex-food and energy it was up 0.3% m/m and 4.3% y/y. And the Atlanta Fed Business Inflation Expectations came in at 3.0% y/y vs. last month's snapshot of 2.8%.
That actually comes in a bit under the Federal Reserve's 3.4% inflation forecast from June. And while both numbers are higher than the targeted 2%, the Fed also sees these current higher readings as transitory. That's why they've pegged 2022 inflation at 2.1% and 2023 at 2.1% as well. The $1.2 trillion Infrastructure bill got a lot of coverage after it passed the Senate on Tuesday. So did the $3.5 trillion Budget resolution. The next step is for the Senate to craft the budget itself (the resolution vote was on the framework). That could take weeks or longer. And the final bill will need to pass the Senate once again (although it will likely be done via reconciliation.) The next step on the Infrastructure bill is for the House to vote on it. But it sounds like the House may wait until both bills are ready. Nonetheless, the House is expected to cut their recess short and return back to Congress on 8/23 to consider both measures. If both bills ultimately pass, that will be a lot of money injected into the economy with years of big spending on the horizon. And that could translate into an even bigger multiyear boom. As Jamie Dimon said in his annual letter to shareholders earlier this year; "this boom could easily run into 2023 because all the spending could extend well into 2023." In the meantime, the economy continues to rebound. And with extended unemployment benefits set to expire in September, we will soon see millions and millions of additional people joining the workforce. Given the record 10.073 million job openings (literally more openings than unemployed workers to fill them), the job boom looks like it's going to last a long time as well. And that, of course, bodes well for the market. So make sure you're taking full advantage of it. Separately, if you're looking for new stocks to buy, be sure to look at financials, tech, and business service stocks. They're expected to do great.
And one way to participate in all three is through the revolutionary blockchain technology.
More and more companies are using blockchain in their businesses as it provides an incorruptible digital ledger for all types of transactions and data transfers -- from financial, to shipping, to health records, and more. It's truly revolutionizing virtually all industries that rely on security, cost efficiency, and speed. And the companies using it are as impressive as the companies providing it. This must-have technology has created an explosive industry and is poised for massive gains. It's also a smart way to participate in the booming cryptocurrency market. To learn more about how the blockchain technology is shaping the way companies do business, and more importantly, how to profit from it, be sure to check out our latest commentary... The Smartest Way to Buy Blockchain Stocks Best,  Kevin Matras
Executive Vice President, Zacks Investment Research | 
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