Stocks Soar As Earnings Season Gets Off To An Impressive Start

Plus 5 New Strong Buys for Today Stocks Soar As Earnings Season Gets Off To An Impressive Start [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Soar As Earnings Season Gets Off To An Impressive Start [Stocks Soar As Earnings Season Gets Off To An Impressive Start]Image: Bigstock Stocks soared yesterday as earnings season is already off to a great start. The S&P had their best day since March. And after recently pulling back by as much as 5.87% from their highs, they are now just 2.37% away from their highs. The Dow, after pulling back by 5.66%, is now only 2.02% off their highs. And the Nasdaq, after pulling back 8.38%, is now only 4.13% off their highs. Yesterday's Weekly Jobless Claims came in better than expected with only 293,000 new claims vs. last month's 329K and views for 320K. This was the lowest level of jobless claims since the pandemic began. Even though earnings season has essentially just gotten started, if it continues to impress, stocks could soar. And since stocks typically go up during earnings season, they are poised to do so. Couple that with Wednesday's news that the Port of Los Angeles (which is sitting on a record backlog of container ships waiting to be unloaded), will begin working around the clock to ease the supply chain congestion, and Q4 is looking brighter and brighter. We should also start hearing more about the infrastructure bill and the reconciliation bill that Congress has said they hope to pass by the end of October. Who knows what the final price tag will be. Or which bills exactly will pass. But it sure looks like something will pass. And once you start talking about trillions of dollars, that's an enormous amount of money that could be injected into the economy and could ignite a multiyear boom. I'm reminded of what Jamie Dimon said in his annual letter to shareholders earlier this year; "This boom could easily run into 2023 because all the spending could extend well into 2023." A pretty bullish assessment. And it looks like there's a lot more upside to go. Best, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research Sponsor [Buy These Stocks BEFORE They Report Earnings]( [earnings estimate revisions development timeline] Next week 301 companies are set to report earnings. What if you could know in advance which few look to rock Wall Street and pop in price? Now you can. Zacks' proprietary "ESP" formula predicts positive earnings surprises with unthinkable 80.70% accuracy. This has led to recent closed gains of +77.9%, +70.9%, +55.9%, and even +114.4% in as little as 5 days. Your chance for access closes at midnight Sunday, October 17. 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