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Stocks Mixed, Nasdaq Makes Another New All-Time High

	Profit from the Pros By Kevin Matras Executive Vice President
	Stocks Mixed, Nasdaq Makes Another New All-Time High Image: Bigstock Stocks closed mixed yesterday with the Nasdaq notching another new all-time high. A growing economy and stellar earnings have rightfully lifted stocks. And neither of those look to be ending anytime soon. The strength of the economy was underscored with yesterday's PMI Manufacturing report which came in at a robust 61.1. That was seconded by the ISM Manufacturing report which posted a strong 59.9. Construction Spending came in as expected with a 0.3% m/m rise (9.0% y/y). Solid numbers, given the weakness in non-residential construction. Fortunately, the strength in the housing market (residential construction) has been far greater. The only real surprise was yesterday's ADP Employment Report which came in at 'just' 374,000 new private payroll jobs vs. the 500,000 expected. All eyes will now be on Friday's official Employment Situation Report from the Bureau of Labor Statistics (or BLS). The consensus for that is 740,000 (693K from the private sector and 47K from the public). Granted, the ADP report has a spotty track record of predicting what the BLS report will show. But one can't totally dismiss it. We shall see. BTW, Friday's BLS report is also expected to show the unemployment rate tick down to 5.2% from 5.4%. And the participation rate is expected to tick up to 61.8% from 61.7%. But today comes first. And we've got Weekly Jobless Claims, the Challenger Job-Cut Report, and Factory Orders on deck this morning. With stocks trading at or near all-time highs, and with forecasts for historic growth ahead, it won't take much to send stocks even higher. So make sure you're taking full advantage of it. On that note, if you're looking for new stock picking ideas to do just that, be sure to read our latest article on the booming Marijuana Industry. This industry is poised for historic growth. And the number of companies currently offering, or slated to offer, cannabis-related products is growing. This is no longer just about investing in pot growers. It's also about consumer products, drinks, food, medicine, and more. That's where the big money is at. And with marijuana sales legal in Canada, 33 states, and D.C., it's only going to get bigger. To learn more about this explosive industry, be sure to read our latest commentary... The Non-Smoking Future of Legal Marijuana Best, Kevin Matras Executive Vice President, Zacks Investment Research
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	Sponsor Ready for the Pot Stock "Gold Rush"? The Senate is on the brink of legalizing marijuana at the federal level after the Senate Majority Leader introduced draft legislation. 37 states have legalized medicinal marijuana. 18 states have made recreational use legal. With the passage of the Cannabis Act in 2018, it's now legal in Canada. Mexico's Supreme Court made private and recreational use legal in June of this year, though specific details of that legislation are still a bit unclear. As a result of these developments, companies within the space are about to take off. Global sales are predicted to skyrocket from $24.6 billion in 2020 to an expected $97.35 billion by 2026. Zacks recently closed marijuana trades of +147.0%, +39.7%, and +94.5% in as little as 3 months, and is currently riding a triple-digit gain that should still have a long way to run. Plus, new stocks are being lined up that could rival or surpass these performances. See Zacks' recommended buys now »
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