Stocks Ended Mixed As Profit Taking Set In Near The Close

Plus 5 Just-Added Strong Buys Stocks Ended Mixed As Profit Taking Set In Near The Close [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Ended Mixed As Profit Taking Set In Near The Close [Stocks Ended Mixed As Profit Taking Set In Near The Close]Image: Bigstock Stocks closed mixed yesterday with the Dow and the S&P in the red, while the Nasdaq and small-cap Russell 2000 finished in the green. All of the indexes were sharply higher for most of the day, but that gave way later in the afternoon. The Dow, at one time, was up nearly 1%, and the S&P was up by more than 1.40%, before closing lower by -0.35% and -0.08%. The Nasdaq and Russell 2000, which closed higher by 0.63% and 0.17%, were up by 2.25% and 1.35% earlier in the day. After Friday's +2% move higher following a better than expected Employment report, traders were hoping to add to those gains on Monday. And they did, but it was mostly intraday, as profit taking set in by day's end. Nonetheless, stocks are off to a fine start so far this year. On the economic report front today, we'll get the NFIB Small Business Optimism Index, and the Wholesale Inventories report. We'll also hear from Fed Chair, Jerome Powell, as he participates in a discussion at the Sveriges Riksbank International Symposium on Central Bank Independence, in Stockholm, Sweden this morning. Nobody is expecting any new ground to be broken. But with the market so transfixed on inflation and interest rates, it seems like everybody hangs on every word he says. And today should be no different. The market will get another look at inflation on Thursday with the Consumer Price Index (CPI). That, and the Producer Price Index (PPI), and the Personal Expenditures and Consumption Index (PCE), have all been going down lately. Another report showing inflation continuing to decline, as expected, should be cheered. But if it ticks higher vs. last month, that could weigh on the market. Earnings season doesn't officially start until mid-next week when Alcoa reports on Wednesday, 1/18, after the close. But it has already unofficially begun. And we'll hear from many of the big banks later this week and early next week. In the meantime, traders will try once again today, to see if they can extend Friday's gains. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research [Today, See Zacks' Top Stocks for Free]( Starting now, you can get instant access to the latest picks from our hottest market-beating strategies. In 2021 they gained +40.3%, +48.2%, +67.6%, +94.4%, and +95.3%. Zacks will also give you a free Special Report, Top 10 Stock Screening Strategies that Make Money which spells out the formulas behind these top strategies. 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