S&P And Nasdaq Hit New All-Time Highs

Plus 5 New Strong Buys for Today [Kevin Matras] Profit from the Pros By Kevin Matras Executive Vice President [Zacks Investment Research] S&P And Nasdaq Hit New All-Time Highs Image: Bigstock Stocks finished higher yesterday, starting the new month in the green. If December turns out to be anything like November, we're in for another great month. For the record, November's performance for the S&P (up 10.75%), was the best November performance EVER! Same with the small-cap Russell 2000 (up 18.29%), as it too was the best November performance EVER! The Dow had its best November performance (up 11.84%), since 1928. And the Nasdaq had its best November (up 11.80%), since 2001. Optimism over the COVID vaccines continue to underpin stocks. And renewed hope that a stimulus bill will get done before year's end is also supporting stocks. The economic recovery is doing well, but the rise in coronavirus cases, and the new restrictions put in place to combat the spread, has made the need for another bill particularly important. In other news, yesterday's ISM Manufacturing Index came in just under expectations at 57.5 vs. views for 57.7. But the print solidly above 50 shows manufacturing continuing to grow. That was underscored by the PMI Manufacturing report which came in at 56.7, which was in line with views, but nicely above last month's showing of 53.4. The Redbook report also impressed which showed same store retail sales soaring 9.2% on a y/y basis vs. last month's 2.8% snapshot. And Construction Spending also beat expectations with a 1.3% m/m gain vs. last month's 0.3% increase and views for -0.5%. On a y/y basis, construction spending is up 3.7%. Today we'll get reports on Motor Vehicle Sales, MBA Mortgage Applications, and the ADP Employment Report. But the main report everybody will be waiting for is Friday's Employment Situation report which is expected to show another 500,000 new jobs were created last month. In the meantime, there's plenty of news supporting higher stock prices right now. And given the bullish outlook for the economy (full year GDP in 2021 is expected to grow at the fastest pace in 38 years), and the market (Goldman Sachs is projecting the S&P will hit 4,300 next year, which is another 17.41% from here), it looks like there's a lot more upside to go. So make sure you're taking full advantage of it. See you tomorrow, Kevin Matras Executive Vice President, Zacks Investment Research Sponsor [Trade Alert - 6 Tech Stocks That Could Double]( Louis Navellier has uncovered six must-own tech stocks about to put old school Silicon Valley names to shame. They are located from Boston to Israel to Beijing. They cover a wide-range of businesses including cybersecurity to 5G telecommunications to cashless payments. 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