Stocks Close Near All-Time Highs, Poised For Upside Breakout

Plus 5 New Strong Buys for Today [Kevin Matras] Profit from the Pros By Kevin Matras Executive Vice President [Zacks Investment Research] Stocks Close Near All-Time Highs, Poised For Upside Breakout Image: Bigstock Stocks closed mostly higher yesterday with only the Nasdaq slipping just -0.05%. But they all finished near their highs of the day. And near their all-time highs. Continued optimism over the upcoming COVID vaccines remains supportive for stocks. So does renewed hopes for another stimulus bill getting done by year's end. The economic recovery is doing well, but the rise in coronavirus cases, and the new restrictions put in place to combat the spread, has highlighted the urgency for both vaccines and more stimulus. In other news, yesterday's MBA Mortgage Applications report showed a 9% increase in the purchase index, and that's on top of the 4% increase from the week before. Refi's were off -5%, although they were up 3.9% previously. But the increasing demand for mortgages on purchases underscores the strength of the housing market and the consumer. And that's a bullish sign. The ADP Employment Report estimated that private payrolls grew by 307,000 last month, although that was below the consensus for 420K. It was also shown that last month's report was revised higher from 365K to 404K new jobs. The ADP report always comes out on the Wednesday before the Friday that the official Employment Situation report is released on. Oftentimes, people would look at the ADP numbers as a precursor to what the Employment Report (which is produced by the Bureau of Labor Statistics), would show. But the track record of the ADP report accurately predicting what the BLS report will show has been spotty at best. Either way, Friday's Employment Situation Report is expected to show that 500,000 new jobs were created last month (590K from the private sector and -90K from the public), with the unemployment rate dropping from 6.9% to 6.8%. In the meantime, there's plenty of news supporting higher stock prices right now. So make sure you're taking full advantage of it. On a separate note, if you're looking for new stock picking ideas in an industry poised for historic growth, be sure to read our latest article on the booming Marijuana Industry. These stocks are definitely more speculative in nature. But the number of companies currently offering, or are slated to offer cannabis-related products is growing. This is no longer about investing in pot growers. It's about consumer products, drinks, food, medicine, and more. 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... [Now Is the Time to Invest in Marijuana]( Best, Kevin Matras Executive Vice President, Zacks Investment Research Sponsor [5G Stock CRUSHES Earnings!!]( [5G SuperStocks]( Wall Street is loading up on shares of one 5G SuperStock (with more than $2 billion invested!). Why? Because the stock brings in more cash than IBM, Facebook and even Google! Yet it trades for just $3. [Get the scoop on the 5G SuperStock right here.]( Most Popular Articles from Zacks.com Image: Bigstock [Meet S&P's Top 5 Stocks of November: Will the Gains Hold Up?]( The index, regarded as one of the finest reflections of the stock market as a whole, saw its best trading month since April and the best November in its history. [Read More »]( Image: Bigstock [5 Must-Buy Momentum Stocks for December to Tap Market Rally]( Wall Street regained its momentum in November after two consecutive months of slowdown and the pace is likely to continue. 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Global sales are climbing fast and this new industry is predicted to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027. Not since the Repeal of Prohibition in 1933 has there been such a release of pent-up demand. It's time to take advantage. [See Zacks' recommended buys >>]( Image: Bigstock [Bull of the Day: Goldman Sachs Group (GS)]( This investment bank keeps finding ways to make money in all types of environments. [Read More »]( [New Zacks Strong Buys for December 3rd]( 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. 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