Stocks Down, But Finish Near Their Highs Of The Day

Plus 5 New Strong Buys for Today Stocks Down, But Finish Near Their Highs Of The Day [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Down, But Finish Near Their Highs Of The Day [Stocks Down, But Finish Near Their Highs Of The Day]Image: Bigstock Stocks closed modestly lower yesterday after an impressive rebound from intraday lows to finish near their highs of the day. The war on Ukraine continues on. Sadly, talks between Russia and Ukraine broke down yet again with no ceasefire or safe passage granted for those fleeing the conflict. But the fight that Ukraine is giving Russia has been awe-inspiring. In other news, the Consumer Price Index rose 0.8% m/m and 7.9% y/y vs. views for 0.7% and 7.9% respectively, putting inflation at a 40-year high. Ex-food & energy it was up 0.5% m/m and 6.4% y/y. Weekly Jobless Claims rose more than expected with 11,000 new claims at 227,000 vs. expectations for 218K. The European Central Bank (ECB) yesterday kept their interest rates unchanged, but indicated they would unwind their bond buying program in the third quarter, signaling a faster completion date than had been expected. As you know, the Fed has been tapering their bond purchases since late last year, and is expected to announce that they have completed the unwinding of their bond buying program when they conclude their FOMC meeting next Wednesday, on 3/16. They are also expected to finally raise rates by a quarter point, and potentially signal when they may start reducing their balance sheet. Today we'll get another look at the economy thru the eyes of the consumer via the Consumer Sentiment report. Short of a sharp rally today, it's looking like stocks will close down for the week. But if yesterday's end of day momentum can carry over into today, we could very well see that needed rally. In spite of high inflation and high energy prices, our underlying economy is strong. And with Covid restrictions being lifted just in time for spring and summer, the amount of pent-up economic demand expected to be unleashed should usher in another year of strong growth. Best, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research [Stocks Under $10 to Buy Today]( Zacks is now revealing its most compelling picks priced under $10 per share (but perhaps not for long). These high-quality companies have prospects for gains of up to 2X and more. Recently, our recommendations have closed returns of +108.6%, +110.4%, +393.8% and even +995.2%. These stocks offer the best of both worlds: immediate growth potential AND the strong likelihood of long-term profitability. Special opportunity ends at midnight Sunday, March 13. [See Stocks Now »]( Most Popular Articles from Zacks.com [3 Stocks to Buy on New Analyst Coverage]( We often find that analysts' ratings on newly added stocks are more favorable than ratings on continuously covered stocks. 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