Markets Nose-Dive, but Close Off Lows
Zacks Investment Research | Sep 21, 2020 05:36AM ET
We started off 3+ weeks ago seeing what we believed at the time to be some profit-taking after a highly successful summer of 2020 in the stock market, culminating in all-time record high closing prices on both the Nasdaq and S&P 500. Now, going into our fourth week of markets in the red, it’s becoming harder to hang onto “profit taking” as the sole purveyor of this continued negative sentiment in the market. There are some news headlines bringing a more consistent bearishness to sentiment lately — from a dreaded second wave of coronavirus cases sweeping through Europe and international banks now accused of money laundering to yet another tropical storm (Beta — we’ve run out of first names, with hurricane season still a month or two from being completed) dumping a dozen feet of water onto the Gulf Coast, and tensions up in Washington DC revolving around whether to seat a new Supreme Court justice a month and a half before a General Election leading to a stalemate on a new stimulus package — but if we’re looking for a silver lining, Monday’s close was well off its lows. The Dow had hit its nadir down 942 points earlier in the session, but came back to finish “only” -509.7, or -1.84%. The S&P 500 performed better, down 38 points or -1.16%, while the tech-heavy Nasdaq saw a return to buying at Apple Questions or comments about this article and/or its author? Click here>> Zacks’ Single Best Pick to Double
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.
The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.