Stocks Up Again, Making New All-Time Highs

Market Moves You Need to See Stocks Up Again, Making New All-Time Highs [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Up Again, Making New All-Time Highs [Stocks Up Again, Making New All-Time Highs]Image: Shutterstock Stocks closed higher again yesterday with the big three indexes making new all-time highs in the process. But it was the small-cap Russell 2000 and the mid-cap S&P 400 that led the way yesterday with gains of 1.14% and 1.13% respectively. Wednesday's FOMC announcement, and subsequent press conference by Fed Chair Jerome Powell, reassured the market that while disinflation has slowed, the Fed still expects to cut interest rates 3 times (presumably by 25 basis points each), by year's end. They maintain they will remain data dependent. But they clearly expect to see more progress on inflation. If inflation starts moving back down more quickly, that will augur for cuts sooner rather than later. The next piece of inflation data comes out next week on Friday 3/29, with the Personal Consumption Expenditures (PCE) index. That's the Fed's preferred inflation gauge. Last month's core (ex-food & energy) PCE index came in at 2.8%. That's still above the Fed's 2% target, but it's fallen more from 2022's peak of 5.3%, than it has left to go to get to 2%. In other news, yesterday's Weekly Jobless Claims fell -2,000 to 210K, just missing the consensus for 209K. The 4-week moving average came in at 211.25K vs. last month's 208.75K. The Philadelphia Fed Manufacturing Index slipped to 3.2, but came in well above views for -5.0. The PMI Composite Index improved to 52.2 from last month's 51.5. The Manufacturing Index improved as well with a print of 52.5 vs. last month's 51.8, while the Services Index just missed at 51.7 vs. last month's 52.0. Existing Home Sales rose to 4.38 million units (annually), up from last month's 4.00M and above estimates for 3.92M. That's a 9.5% m/m change, up from last month's pace of 3.1%. On a y/y basis it's up 3.3% vs. last month's snapshot of -1.7%. And Leading Indicators rose 0.1% m/m vs. last month's -0.4% and the consensus for -0.3%. Stocks are on pace to close higher for the week. If so, it will mark the 8th up week this year out of 12 weeks total, for a 67% weekly win ratio. The only index that has performed better (in terms of weeks closing up this year), is the mid-cap S&P 400, with this week potentially making it 10 up weeks out of 12 total, for a weekly win ratio of 83%. The S&P 500 and Nasdaq Composite are still leading in terms of YTD gains with 9.89% and 9.26% respectively. But the S&P 400 is not far behind with an impressive 8.33%. And it looks like there's more upside to go for all of the indexes. 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