Stocks Up To Start The Week On A strong Note  Image: Bigstock Stocks closed higher yesterday after an afternoon rally pushed stocks to finish at their highs of the day. The Nasdaq was the leader as they only briefly fell into the red around noon, but then quickly recovered. The S&P dipped a few times during the day, but also surged in the back half of the day. The Dow, on the other hand, was underwater almost all day until the last 30 minutes when they turned positive. It was a great start to the week, especially after all of the major indexes notched their 2nd week in a row of higher weekly closes. The war on Ukraine continues. Reports that Ukraine recaptured two of their towns which had previously been overrun by Russia was great to hear. But reports that Russian troops are moving east toward the Donbas region suggests a larger fight is coming. Meanwhile, Russia and Ukraine are scheduled to resume negotiations for a ceasefire today. In other news, Retail Inventories (advance report) was up 1.1% m/m vs. last month's 1.9%. Wholesale Inventories (advance report) was up 2.1% m/m vs. last month's 0.8% and views for 0.7%. And the Dallas Fed Manufacturing Survey came in at 8.7 vs. last month's 14.0 and the consensus for 12.5. Today we'll get a look at retail sales via the Redbook report, the housing market thru the Case-Shiller Home Price Index, jobs thru the Job Openings and Labor Turnover Survey report (or JOLTS for short), and the consumer via the Consumer Confidence report. The big report everybody is really waiting on, however, is this Friday's always important Employment Situation report. In the meantime, the S&P has been up for the last 3 days in a row; 4 out of the last 5; and 8 out of the last 10. That's great momentum. And traders will be seeing if they can extend that even further today. See you tomorrow,  Kevin Matras
Executive Vice President, Zacks Investment Research | 
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