Stocks Up For The Week And The Month, Hitting New Closing Highs In The Process

Plus 5 New Strong Buys for Today Stocks Up For The Week And The Month, Hitting New Closing Highs In The Process [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Up For The Week And The Month, Hitting New Closing Highs In The Process [Stocks Up For The Week And The Month, Hitting New Closing Highs In The Process]Image: Bigstock Stocks finished up on Friday (new record high closes for the Dow, S&P and Nasdaq), up for the week (4th week in a row for the Dow, S&P and Nasdaq), and higher for the month (best monthly gain for the S&P and Nasdaq in over a year). As expected, stocks came under pressure early on (especially the S&P and Nasdaq), after Apple and Amazon pulled back following disappointing earnings reports on Thursday after the close. But gains elsewhere lifted the indexes into positive territory by day's end. In spite of those two high profile misses (rarities chalked up largely to supply chain disruptions), earnings season continues to underpin stocks. And we'll get more earnings this week with another 1,838 companies on deck. Another 1,443 next week. And another 553 the week after that. In other news, the Employment Cost Index rose a greater than expected 1.3% q/q vs. views for 0.9%. On a y/y basis it's up 3.7%. (But was it really a surprise given the widespread reporting of worker shortages forcing employers to raise wages?) The Chicago PMI jumped to 68.4 vs. last month's 64.7 and the consensus for 64.2. And Consumer Sentiment beat expectations as well coming in at 71.7 vs. last month's 71.4 and views for the same. In spite of all the activity in D.C. last week, and Congress' proclaimed importance of passing the infrastructure bill by October 31st (not to mention the reconciliation bill), that date came and went with neither of them even getting a vote. The new deadline is now December 3rd. After failing to pass the infrastructure bill, they were forced to extend the expiring Federal Transportation Fund until December 3rd , hence the new date for the infrastructure bill. That apparently is also the new date for the reconciliation bill. And, not coincidentally, the date that the recently extended debt ceiling will need to be raised as well. In the meantime, traders will continue to focus on earnings, and the expected GDP growth acceleration into the end of the year. And this is all happening against a backdrop of falling virus counts, bringing with it the promise that life will keep moving back to something closer to normal. And with stocks trading at record highs amidst all of these potential bullish catalysts, it looks like there's a lot more upside to go. So make sure you're taking full advantage of it. 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