5 Top Growth Stocks With More Upside Left That Surged Last Week

The coronavirus outbreak has been rattling global stock markets for the last six weeks, Wall Street being no exception. The stock-market valuation has plunged significantly, with extreme volatility witnessed in Wall Street's history. However, the previous week (ended Mar 27) was an exceptional one, as three major stock indices witnessed robust rallies.

Stock Markets See Solid Rallies Last Week

Wall Street witnessed one of its historically-strong weekly gains last week. The three major stock indices — the Dow, the S&P 500 and the Nasdaq Composite — jumped 12.8%, 10.3%, and 9.1%, respectively. The Dow recorded its best weekly performance since 1938. The S&P 500 posted the strongest weekly gain since 2008. Meanwhile, the Nasdaq Composite registered the best weekly rally since March 2009.

Market participants' sentiments were uplifted as President Trump injected a gigantic $2-trillion fiscal stimulus in the form of the coronavirus relief package. Moreover, the Fed has already decided to provide monetary stimulus worth $4 - $5 trillion. In addition, the central bank has reduced the short-term lending rate to 0-0.25%.

Besides the United States, internationally another $5 trillion of stimulus is anticipated to be generated in the next few weeks. Several important members of the Eurozone, the U.K., Japan, and China have entered this league. Furthermore, prominent emerging economies like Singapore, India and Malaysia also injecting large sums of money to restore the shrinking global economy.

Has the Stock Market Hit Rock Bottom?

Economists and financial experts are divided on the question whether or not Wall Street has already hit rock bottom. Although it’s too early to say that the market has bottomed out, it is a fact that stocks have fallen significantly in a short period of time.

At present, the Dow, the S&P 500 and the Nasdaq Composite are still down 26.8%, 25.1% and 23.7%, respectively, from their all-time highs recorded last month. Further, year to date, these indices are down 24.2%, 21.3% and 16.8%, respectively.

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