3 Dow Stocks With Double-Digit Return YTD Despite Coronavirus

Wall Street's new bull market that started in mid-April, ending the coronavirus-induced short bear-market, has regained pace this week after a disappointing last week. The market suffered turmoil last week on concerns about the resurgence of coronavirus cases in several states.

However, markets have stabilized this week as it looks very clear that the United States is not going to re-impose lockdowns despite a spike in coronavirus infections in some states. Moreover, several major economies like Italy, Spain, Japan, South Korea, China, India and Singapore have witnessed a rise in cases as these economies started reopening. Notably, none of those countries have decided to re-impose lockdowns again.

Dow's Impressive Rally Continues

The Dow recorded its all-time high of 29,568.57 on Feb 12. However, the index entered into the bear market on Mar 11 with the outbreak of the deadly coronavirus globally. The downward movement continued till Mar 23 as almost all countries, including the United States imposed partial or total lockdowns.

However, the blue-chip index's northbound journey began on Mar 24 and is continuing barring occasional fluctuations. The index jumped an astonishing 51.4% during Mar 23 to Jun 8. After Jun 8, the index suffered a temporary setback in the last week on fear of the second wave of the coronavirus and lost more than 6% last week. Meanwhile, the index has recovered impressively this week. Currently the Dow is 8.6% away from becoming positive year to date.

3 Dow Stocks Flying High 

Only five stocks out of the 30-stocks blue-chip index are currently in green year to date. Of the five, only three stocks have witnessed a double-digit rally so far in 2020. All three stocks carry a Zacks Rank #3 (Hold).

The chart below shows the price performance of three stocks year to date.

Apple Inc.'s (AAPL - Free Report) Services and Wearables businesses are expected to drive top-line growth in fiscal 2020 and beyond. Although Apple’s business primarily runs around its flagship iPhone, the Services portfolio has emerged as its new cash cow.

1 2
View single page >> |

Disclosure: Zacks.com contains statements and statistics that have been obtained from sources believed to be reliable but are not guaranteed as to accuracy or completeness. References to any specific ...

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.