House Approves New Relief Bill, America Gets Ready To Get Back To Work

Plus 5 New Strong Buys for Today [Kevin Matras] Profit from the Pros By Kevin Matras Executive Vice President [Zacks Investment Research] House Approves New Relief Bill, America Gets Ready To Get Back To Work Image: Bigstock Stocks ended narrowly mixed after spending much of the day solidly in the green. Yesterday's Weekly Jobless Claims report showed another 4.43 million people filed for unemployment. Another big, ugly number. But it was better than last week's 5.2 million. And that was better than the previous week's 6.6 million. Overall, however, we've seen over 22 million people out of work since the coronavirus hit. But none of this was a surprise. And we all know why it's happening. Nonetheless, it's a tragic number if you're one of them. But fortunately, once we begin reopening our economy, those unemployed people will be able to go back to work. And we can begin to rebuild our economy. Gladly, Congress, after dragging their feet, finally passed the latest virus relief bill totaling $484 billion. That replenishes the small-business Paycheck Protection Program with another $310 billion. It also earmarks an additional $174 billion for disaster relief, hospitals, and testing. Several states will begin reopening their economies next week. And even more will follow in the first part of May. In fact, there are 20+ states that have not been hit that hard that will likely be first out of the gate. We're still waiting on timelines for NY and CA along with other large state economies. But if some states, especially those hardest hit by the outbreak, need more time, that's fine. We want a safe reopen above all. News that Gilead's drug Remdesivir failed in an early Chinese trial took stocks off of their highs in the afternoon. That report contradicts leaked information last week that said a Chicago trial showed promise. The World Health Organization (WHO) apologized for publishing the draft document of the Chinese study in error, as it was not yet peer reviewed. Afterwards, Gilead said that the WHO's accidental post included "inappropriate characterizations of the study." Clearly, we're going to have to wait for more trials and reviews to figure out the truth regarding the efficacy of this drug. But I must say, all of these 'leaks', smell a bit fishy. Is somebody trying to manipulate the market? Either way, I expect plenty more volatility in Gilead until then. As for the late day fade in stocks, I don't think it was so much the Gilead news as it was just simple profit taking. The market has been on fire over the last few weeks with barely a chance to catch its breath. That might have provided the perfect excuse to bank some profits. But with the economy set to begin reopening next week, I'm expecting more gains to come. And with analysts expecting an "unprecedented" second half recovery, with stocks regaining all they've lost by year's end, the time to act is now. So if we see a little more profit taking, I'll be looking at that as a buying opportunity. But I'd also be a buyer on strength as well. After all, this is a bull market again! Best, Kevin Matras Executive Vice President, Zacks Investment Research Sponsor [Time's almost up! Get your FREE copy of Finding #1 Stocks]( The Executive Vice President of Zacks, Kevin Matras is very optimistic about our country's financial future. He expects the stock market to soar as coronavirus-related fear diminishes and pent-up economic demand is unleashed when the pandemic subsides. What's the key to being successful? Knowing the right strategies and where to find stocks that will lead the market when it rebounds. 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[Click to Learn More >>]( Image: Bigstock [Bull of the Day: Dr. Reddy's Laboratories (RDY)]( Generic pharmaceuticals are among the most naturally defensive industries during uncertain times. [Read More »]( [New Zacks Strong Buys for April 24th]( Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. [Read More »]( Download our app for convenient on-the-go access to even more—daily and weekly newsletters published by Zacks experts, proprietary research and tools, and Portfolio Tracker on Zacks.com. [Download our Zacks App for Apple iOS]( [Download our Zacks App for Android]( Visit [Success Stories]( to hear how Zacks research, tools and portfolios help our members outperform the market. Get all of our market insights and much more when you connect with us. [Visit Zacks on Facebook]( [Follow Zacks on Twitter]( [See Zacks videos on YouTube]( [Join Zacks on LinkedIn]( [Read Zacks Commentary on StockTwits]( This free resource is being sent by [Zacks.com](. 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