Stocks End Mostly Higher, Key Employment Report Due On Friday

Plus 5 Just-Added Strong Buys Stocks End Mostly Higher, Key Employment Report Due On Friday [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks End Mostly Higher, Key Employment Report Due On Friday [Stocks End Mostly Higher, Key Employment Report Due On Friday]Image: Bigstock Stocks closed mostly higher yesterday with the Dow and the S&P finishing in the green while the Nasdaq finished in the red. This comes on the heels of last week's soaring gains with all three of the above indexes gaining more than 3%. And while the Nasdaq did end lower yesterday, they have been the star performer this year with a whopping quarterly gain of 16.8%. Relief that the worst of the banking scare is behind us continues to lift stocks. Same for the steady stream of reports that show inflation is on the decline. And same for the recent Fed comments that suggest they may only need to raise by another 25 basis points at their next meeting (May 3), before calling it quits. Granted, we'll get 3 more inflation reports before the Fed's next meeting, not to mention another Employment report (which we'll get this Friday). And with the Fed insisting their decisions are data dependent, anything can change. But the feared bank contagion has fortunately not happened. Peak inflation is behind us. And with it, peak interest rates may soon be at hand (if it isn't already). Word that OPEC would be cutting oil production sent crude prices up and weighed on stocks a bit intraday. It remains to be seen what the full impact will be on the price of oil, which is currently at around $80 vs. last year's peak of roughly $130. Some are speculating we could see crude oil back at $100. But I have not seen anybody call for a return to $130. Traders took the move in stride, and apparently do not see a crisis at present. In other news, the PMI Manufacturing report showed the index at 49.2, which was just under the consensus of 49.3. But it was a gain from last month's 47.3. The ISM Manufacturing Index, however, came in at 46.3 vs. the consensus for 47.5 and last month's 47.7. And Construction Spending slipped -0.1% m/m vs. the consensus for 0.0%. Although, last month was upwardly revised from -0.1% to 0.4%. On a y/y basis, construction spending is up 5.2%. That's down from last month's upwardly revised 6.9% pace, but is still a fine gain. Today we'll get Factory Orders, and the Job Openings and Labor Turnover Survey report (or JOLTS for short). Stocks have been pretty resilient this year. One worry after another has been thrown at the market, yet they are all in the green this year. And from last year's October lows (and key upside reversal), the major indexes are all up double-digits. Resilient indeed. And it looks like there could be a lot more upside to go. 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