Top 5 Leveraged ETF Areas of Last Week
Zacks Investment Research | Nov 09, 2020 02:30AM ET
Wall Street was in a cheerful mood last week as the S&P 500, the Dow Jones and the Nasdaq added 7.3%, 6.9% and 9%, respectively. After April, stocks registered their Per a MarketWatch article , the S&P 500 and the Nasdaq recorded the best post-election day rally in history.
The absence of a “blue wave” and democratic control left market experts believing that “the Senate stays more balanced, and that balance keeps a gridlock — which prevents big changes to health care and the tax code ," said Darrell Cronk, president of Wells Fargo (NYSE:WFC) Investment Institute, as quoted on nbcnews.com.
The hope of the passage of a fiscal stimulus deal (may be small in size) was probably another reason for the rally. Meanwhile, the latest U.S. manufacturing and jobs data too came in decent. Growth investing will also likely stay strong maintaining the ongoing trend.
Against this backdrop, below we highlight a few leveraged ETFs that emerged the toppers last week.
h3 Semiconductors /h3The space has been a winner of U.S. election and solid M&A activity. Direxion Daily Semiconductor Bull 3x Shares MJO (up 41.22%) was the winner here.
h3 Technology /h3Tech companies did extremely well on the bourses in the past two years under the Trump administration and a divided Congress. So, if there is a divided Congress again, tech companies should continue their wining momentum.
In fact, if Biden wins, tech companies should not fear. Biden’s running mate Senetor Kamala Harris is believed to have had cordial relationships with the technological sector during her previous term as the district attorney of San Francisco and attorney general in California. Daily Dow Jones Internet Bull 3X Shares 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
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