5 S&P 500 Winners Of 100 Days Of Coronavirus Pandemic

Today marks 100 days since the World Health Organization declared COVID-19 a pandemic on Mar 11. The U.S. stock market was badly beaten down during the crisis, entering the bear market in late March. However, it then rebounded strongly with the S&P 500 gaining about 40% from the lows.

A booming technology sector, an unprecedented stimulus from the central bank and the government, and hopes of a potential coronavirus vaccine were the biggest catalysts in driving the stocks higher. Additionally, the latest bouts of data indicate that the economy has been recovering faster-than-expected from the COVID-19 pandemic.

This is especially true as U.S. retail sales jumped 17.7% in May as consumers began spending and states gradually reopened their economies. Also, industrial production rose 1.4% with the resumption of operations. The United States added 2.5 million jobs in May — the largest monthly gain since the Bureau of Labor Statistics started tracking the data series in 1939. Additionally, homebuilder confidence posted a record jump in June while consumer sentiment climbed the most in June since 2016.

Further, the Fed’s latest move to provide liquidity in the markets and the Trump administration’s $1 trillion infrastructure spending package added to the strength. The central bank announced that it would begin purchasing individual corporate bonds as part of its emergency lending program to inject liquidity into the virus-stricken economy. However, the stock market is currently witnessing volatility given renewed fears of COVID-19 infections.

While every sector of the market has rallied, information technology and consumer discretionary has been the clear winner during the pandemic. Below, we have highlighted some stocks from the S&P 500 index that soared more than 40% in the 100 days of the pandemic. These stocks have a solid Zacks Rank #1 (Strong Buy) or 2 (Buy), suggesting their continued outperformance even in the wake of second wave of deadly virus infections. 

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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 ...

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