5 Best-Performing S&P 500 Stocks So Far This Year

Amid global growth slowdown concerns, the S&P 500 has hit new highs on strong optimism over easing money policies. Fed Chair Jerome Powell in the latest FOMC meeting hinted at future rate cuts. It removed the word “patient” from its updated policy statement and said it would act “as appropriate" in order to sustain an economic expansion that has lasted nearly 10 years.

The latest weak job data and subdued inflation along with trade tensions stirred speculation on interest rate cuts. Lower interest rates will keep borrowing cost down, thereby resulting in higher consumer spending and rise in economic activities. Further, the possibility of rate cuts has put pressure on the U.S. dollar, making dollar-denominated products cheaper for foreign buyers and raising demand for American products.

The expectation of the resumption of trade talks between the United States and China later this month has added to the strength. Further, recovery in the U.S. housing market, oil price surge and waves of deal activities are also driving the bulls lately. All these developments have rekindled investors’ confidence into the U.S. economy and stock market.

While there are winners from various corners of the space, we have highlighted stocks that have shown strong momentum so far this year and have a solid Zacks ETF Rank #1 (Strong Buy) or 2 (Buy). Below we have presented a bunch of those that have easily led the way on the S&P 500 Index in the first half, gaining more than 45%, and will continue to outperform heading into the second half. You can see the complete list of today’s Zacks #1 Rank stocks here.

Xerox Corporation (XRX - Free Report) – Up 76.9%

With a market cap of $7.85 billion, Xerox is the world's leading enterprise for business process and document management. The stock saw positive earnings estimate revision of 13 cents for this year over the past three months with an expected earnings growth rate of 12.43%. It has a Zacks Rank #2 and VGM Score of A.

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