Stocks Up As Economic Optimism Grows Image: Bigstock Stocks closed mostly higher yesterday with only the small-cap Russell 2000 ticking lower. The hysteria over rising yields seemed to take a breather yesterday with the 10-year falling -2.77% at 1.684. And stocks smartly gained as the economic outlook continues to improve. Existing Home Sales slipped to 6.220 million units (annualized) vs. last month's 6.660M and views for 6.500M. For context, however, that's still a 9.1% y/y gain. Today we'll get a look at retail sales via the Redbook report, another look at housing again with the New Home Sales report, and manufacturing with the Richmond Fed Manufacturing Index. And Fed Chair, Jerome Powell, will testify before the House Financial Services Committee. He'll then do it again in front of the Senate Banking Committee tomorrow when he discusses the Coronavirus Aid, Relief, and Economic Security Act. In the meantime, the economy is primed for impressive growth this year. Already, Q1 GDP is forecast at 5.7%, while full-year GDP is expected to come in at the fastest pace in 33 years. And that suggests big gains for stocks. So make sure you're taking full advantage of it. See you tomorrow, Kevin Matras Executive Vice President, Zacks Investment Research |