So far this year, the stock market has flashed more red signs than green due to various macroeconomic and geopolitical concerns. The immense volatility weighed heavily on equities and government bond yields.
The CBOE Volatility Index (VIX) gained 29.5% year-to-date.
However, the major stock indexes rose in the last trading session to end their best month since 2020, slashing some losses from a gloomy first half of the year. The S&P 500 gained 9.1% in July, while the Dow Jones Industrial Average rose 6.7%, reflecting their strongest month since November 2020. The Nasdaq Composite rose 12.4%, marking its best month since April 2020.
Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, said, “We are seeing a relief rally in the stock market, as pessimism reached extreme levels, and as longer-term interest rates have been coming back down.”
Optimistic expectations from the upcoming earnings releases have also encouraged investors to take a breather from the idea of a slowing economy and further interest rate hikes.
Occidental Petroleum Corporation (OXY), Molina Healthcare, Inc. (MOH), and Greif, Inc. (GEF) are hovering near their 52-week highs and could be the ideal additions to your watchlist now given their strong fundamentals and momentum. Continue reading "3 Stocks Trading Near 52-Week Highs"