New Highs For The S&P And Nasdaq

Plus 5 New Strong Buys for Today New Highs For The S&P And Nasdaq [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President New Highs For The S&P And Nasdaq [New Highs For The S&P And Nasdaq]Image: Bigstock The markets were up across the board yesterday with the S&P and Nasdaq making new all-time highs in the process. The main underlying themes that continue to support the market are strong earnings, a robust outlook, an economy that continues to rebound, and a growing jobs market. The increase in virus cases remains a concern. But looking at it from just an economic standpoint, there is so much pent-up economic demand out there, not to mention an unprecedented amount of stimulus money, that we're still looking at full-year GDP growth to come in at the fastest pace in 37 years. The market also cheered the news that Pfizer-BioNTech received full FDA approval for its vaccine. (All of the vaccines so far have been approved for Emergency Use Authorization or EMU for short.) In other news, the Chicago Fed National Activity Index came in at 0.53, up from last month's -0.01 and views for 0.10. The PMI Composite Flash report posted solid readings with the Composite Index at 55.4. That was under the consensus for 59.5. But a print above 50 shows production and output increasing. That was true for the Manufacturing Index at 61.2, and the Services Index at 55.2. And Existing Home Sales came in better than expected at 5.990 million units (annualized), up from last month's 5.860M and views for 5.870M. Today we'll get retail sales via the Redbook report, New Home Sales, and the Richmond Fed Manufacturing Index. Stocks continue to trade at or near their all-time highs. Yesterday's rally created a gap open on both the S&P and the Nasdaq, which could very well be a breakaway gap. If so, that gap should remain unfilled for a bit. And traditional analysis of a breakaway gap suggests we could see the beginning of a significant move up. So keep your eyes on that and make sure you're taking full advantage of it. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research Sponsor [The Top 5G Stocks to Buy Now]( FREE Report: This new tech will be more impactful than the steam engine, electricity and the internet. [Click here]( to get the names of the stocks that are URGENT buys. Most Popular Articles from Zacks.com [Read this article]( Image: Bigstock [Tech Gains Despite Fed's Bond-Buy Tapering Signal: 5 Picks]( At this stage, it will be prudent to invest in semiconductor stocks that are thriving on the back of a massive shortage of microchips. 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