Stocks Down As Market Hits Pause After Recent Highs

Plus 5 New Strong Buys for Today Stocks Down As Market Hits Pause After Recent Highs [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Down As Market Hits Pause After Recent Highs [Stocks Down As Market Hits Pause After Recent Highs]Image: Bigstock Stocks closed lower yesterday with all of the major indexes in the red. There was no 'one thing' that sent stocks down yesterday. We've seen a strong run-up in the previous weeks with the Dow, S&P, and small-cap Russell 2000 making new all-time highs. So you have some profit taking. And likely some continued sector rotation. We're also getting reports of stimulus check delays. Obviously, this is a short-term snafu. People who are supposed to get them will still get them. But it likely just added to the down market yesterday. Gladly, yields were down again with the 10-year losing -2.73% at 1.6380. Although, news of tax increases to pay for a likely $3 trillion infrastructure plan, probably isn't sitting well with some folks, which reportedly could include corporate tax hikes. On one hand, you have a massive amount of money for infrastructure, which should help the economy, but tax hikes would do the opposite. But for now, it's just talk. In the meantime, we've already got a massive amount of money that will be sloshing around in the economy with the stimulus. And that's expected to send growth soaring. Currently, Q1 GDP is forecast at 5.7%, while full-year GDP is expected to come in at the fastest pace in 33 years. And who can forget what JP Morgan Chase CEO, Jamie Dimon, said when commenting on the growth outlook if the stimulus bill passed (which we now know it did). He said "there's a very good chance you're going to have a gangbuster economy for the rest of this year and easily into 2022." Sounds pretty bullish. Today, on the report docket, we'll get MBA Mortgage Applications, Durable Goods Orders, and the PMI Composite Flash Index. We'll also hear from Fed Chair, Jerome Powell, as he testifies in front of the Senate Banking Committee when he discusses the Coronavirus Aid, Relief, and Economic Security Act. Use these pullbacks to your advantage. Because it looks like there's a lot more upside to go. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research Sponsor [SHOCKING: $100 Billion Surging Into the 5G Market]( What do Verizon, AT&T, T-Mobile, Dish Network, Charter Communications and Comcast have in common? According to Barron's, they're all participating in "secret bidding" to secure as much as $100 billion worth of 5G spectrum. The big winner in all of this frenzied spending? This little-known tech stock, which trades for less than $20 a share. 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